Labor productivity growth is the growth rate of output
A. for labor-intensive economies.
B. per worker in the economy.
C. per person in the economy.
D. for the entire economy.
Answer: B
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An increase in the real interest rate, all other things held constant, will cause a country's ________ to ________
A) current consumption: increase B) current consumption: decrease C) terms of trade; improve D) terms of trade; worsen E) welfare level; improve
Under what conditions can a monopolist have potentially lower costs and possibly charge a lower price than would exist if the market were competitive?
a. when the monopolist operates on the inelastic portion of the demand curve b. when the monopolist is a profit maximizer rather than a revenue maximizer c. when substantial diseconomies of scale are present d. when substantial economies of scale are present
The concept quality-adjusted life year (QALY):
a. is given an arbitrary value when applied to a real world problem. b. is a multidisciplinary approach to measuring health status. c. is used extensively to evaluate medical care resource allocation within government-run programs on fixed budgets, especially in Europe. d. is used extensively in the US to evaluate health care programs. e. has little application to medical decision making.
One advantage of a fixed exchange rate system compared to a floating or managed float exchange rate system is
A) it is easier for central banks to control inflation. B) there is no need for government intervention. C) it allows the exchange rate to reflect demand and supply in the market. D) it eliminates the possibility of depreciation during a recession.