Some laborers are productive, others are less so. How do we measure labor productivity? Why are there differences in labor productivity?
a. Labor productivity is capital stock divided by labor, and differences may be explained by differences in the capital-labor ratio
b. Labor productivity is output divided by capital stock, and differences may be explained by differences in the capital-output ratio.
c. Labor productivity is capital divided by GDP, and differences may be explained by differences in the capital-output ratio.
d. Labor productivity is the change in labor divided by GDP, and differences may be explained by differences in the capital-output ratio.
e. Labor productivity is GDP divided by labor, and differences may be explained by differences in the capital-labor ratio.
E
You might also like to view...
How would you characterize the types of goods that are traded internationally?
What will be an ideal response?
Accountants and Economists differ in their calculations of profits in that the former consider
a. sunk costs b. implicit costs only c. explicit costs only d. fixed costs
Contractionary fiscal policy is deliberate government action to influence aggregate demand and the level of real GDP through:
a. expanding and contracting the money supply. b. encouraging business to expand or contract investment. c. regulating net exports. d. decreasing government spending or increasing taxes.
Which of the following is the Fed's most common way to change the money supply?
a. Moral suasion b. The discount rate c. The required reserve rate d. Open market operations