The Rate of Growth of Aggregate Hours Was Higher in the 1970s

question 4

True/False

The rate of growth of aggregate hours was higher in the 1970s and 1980s than it was in the 1990s.

---

Definitions:

Edgeworth Box

A diagram used in microeconomics to show the distribution of resources or the outcome of trade between two parties.

Utility Function

An economic tool that describes how consumers rank different bundles of goods according to the level of satisfaction or utility those bundles provide.

Endowed

Provided with a large amount of a particular resource or quality.

Contract Curve

In economics, it represents the set of optimal points of exchange between two parties, where no further mutual benefit can be achieved through trade.