Which of the following definitely means productivity has increased?
A. More output from fewer workers.
B. Less output from fewer workers.
C. Less output from more workers.
D. More output from more workers.
Answer: A
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Trade only occurs if there are only winners, and no losers, as a result of the trade
Indicate whether the statement is true or false
The production decision is the:
A.) Selection of the short-run rate of output. B.) Selection of the long-run rate of output. C.) Choice of whether to enter or exit the industry. D.) Choice of factory or plant size.
Over the past year, output grew 4%, capital grew 2%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow?
A. 2.7% B. 3.3% C. 2.0% D. 3.0%
Two countries, Baltonia and Polonia, have aggregate production functions of the form:
Y = A × K1/3 × H2/3 Both countries have the same number of efficiency units of labor and use the same technology. However, Baltonia has a lower capital stock than Polonia. Which of the following is likely to be true in this case? A) The poverty rate in Baltonia is lower than that in Polonia. B) The gross domestic product of Baltonia is lower than that in Polonia. C) The gross domestic product of Baltonia is higher than that in Polonia. D) The Human Development Index of Baltonia is higher than that of Polonia.