Labor productivity is measured as the
A. Dollar value of inputs per unit of output.
B. Hourly wage rate divided by output per labor-hour.
C. Dollar value of output per unit of labor.
D. Output per labor-hour.
Answer: D
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Which of the following is likely to shift the production possibilities curve of a nation rightward?
A) An increase in the education and experience of the workforce B) An increase in the demand for the nation's exports C) An improvement in the terms of trade that the nation faces D) An increase in the price of raw materials used by the nation
Everything else held constant, when a country's currency depreciates, its goods abroad become ________ expensive while foreign goods in that country become ________ expensive
A) more; less B) more; more C) less; less D) less; more
To compute the CPI, the Bureau of Labor Statistics (BLS) compiles a "basket of goods" that ________; each price in the index is weighted by ________
A) are produced in the United States; an expenditure survey B) the average farmer produces; how long it takes for the particular good to reach the market C) the average urban consumer buys; the quantity of the good that goes into the basket D) only members of congress purchase; a "luxury" score E) is typical of consumers below the poverty line; the perceived quality of the good
How do growth rates vary across countries? Are the rich countries getting richer while the poor are getting poorer?