Average Productivity of Labor Is Measured as the Additional Output

question 50

True/False

Average productivity of labor is measured as the additional output produced by an additional worker.

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Definitions:

'Sell' Itself

When a product, service, or idea is so appealing or well-marketed that it requires minimal effort to persuade consumers to purchase or adopt it.

Tangible Capital

Physical assets owned by a firm or individual that are used in the production of goods and services, such as machinery, buildings, and vehicles.

Capital

The collection of physical and financial assets used by an individual or organization to produce goods and services.

Services

Services like accounting, banking, cleaning, consulting, education, insurance, professional knowledge, medical care, and transportation that cannot be physically touched.