An Increase in Total Factor Productivity

question 54

Multiple Choice

An increase in total factor productivity

• A) increases consumption, increases output, and increases the real wage.
• B) reduces consumption, increases output, and increases the real wage.
• C) reduces consumption, increases output and reduces the real wage.
• D) reduces consumption, reduces output, and reduces the real wage.
• E) increases consumption, reduces output, and increases the real wage.

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Definitions:

Ethical Relativism

The belief that morality is context-dependent and subjective, varying from one culture or individual to another.

Situational Ethics

An ethical theory that proposes the best ethical action is that which serves the particular circumstances, as opposed to following universal predetermined rules.

Central Authority

The main governing body or administrative organization that has the overarching control or oversight within a certain area or field.

Utilitarianism

An ethical theory that posits the greatest happiness of the greatest number should be the guiding principle of conduct.