Reading 22: Monitoring Jobs and the Price Level - LOS b ～ following, concepts, Junior, style, hours

mayanfang1

Q1. Junior economists Diane Foreman and Les Harlan are discussing the concepts of aggregate hours and real wage rates and how they relate to real GDP. They state the following:

Foreman: Aggregate hours are a more accurate measure of total labor input than the number of people employed. Aggregate hours tend to be positively correlated with real GDP growth.

Harlan: Real wage rates have not increased as much over time as the productivity of labor, but that is largely because a greater share of labor compensation now comes in the form of employer-paid benefits.

Are Foreman and Harlan CORRECT?

          Foreman                Harlan

 

A)   Correct                                  Incorrect

B)   Incorrect                                Correct

C)   Correct                                  Correct

Q2. Which of the following employment measures is most closely related to the level of real GDP?

A)   Aggregate hours.

B)   Labor force participation ratio.

C)   Number of employed.

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