Labor productivity is equal to the quantity of
A) real GDP.
B) real GDP consumed by the total population in one hour.
C) real GDP produced by one hour of labor.
D) workers employed during one hour.
E) workers who are gainfully employed.
C
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A price support leads to inefficiency because
A) output is more than the efficient, equilibrium quantity. B) the marginal benefit of the last unit produced is larger than the marginal cost. C) the price charged is less than the equilibrium price. D) producer surplus is less than consumer surplus. E) producers must pay a subsidy to the government.
Most commercial banks belong to the Federal Reserve System
a. True b. False Indicate whether the statement is true or false
An improvement in technology would shift which of the following curve(s)?
What will be an ideal response?
The proliferation of new products that we are used to today has been occurring since the advent of the Industrial Revolution.
Answer the following statement true (T) or false (F)