Productivity is a key concept for measuring
A. average inflation rates.
B. employment levels.
C. the health and prosperity of an economy.
D. aggregate production function.
Answer: C
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Firm A and Firm B produce the same goods but with different inputs. If the inputs used by firm A are more easily available than the inputs used by firm B, then which of the following statements is true?
A) The elasticity of supply of firm A and firm B will be equal. B) The elasticity of supply of firm A will be higher than the elasticity of supply of firm B. C) The elasticity of supply of firm A will be lower than the elasticity of supply of firm B. D) The elasticity of supply of firm A and firm B cannot be compared without information on price change.
If demand increases and supply decreases, then equilibrium price must decrease, but equilibrium quantity is indeterminate
a. True b. False Indicate whether the statement is true or false
Which of the following is not correct?
a. By saving a larger portion of its GDP, a country can raise its output per worker. b. Savers supply their money to the financial system with the expectation that they will get it back with a return at a later date. c. Financial intermediaries are the only type of financial institution. d. The financial system helps match people's saving with other people's borrowing.
The law of diminishing product states that if increasing quantities of a variable factor are applied to a given quantity of fixed factors, then:
a) the MP and the AP of the variable factor will eventually decrease. b) TP will eventually begin to fall. c) the AP will eventually decrease, but only if TP is held constant. d) the MP will eventually decrease with constant AP. e) the AP will eventually decrease with constant MP.