Which of the Following Is a Common Measure of a Country's

question 58

Multiple Choice

Which of the following is a common measure of a country's level of productivity?

• A)the average efficiency of capital
• B)the capital-output ratio
• C)output per capita
• D)output per unit of labour input
• E)per capita GDP

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Definitions:

Lawn-mowing

The act of cutting the grass in a garden or lawn to maintain its appearance and health.

Perfectly Competitive

A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and all firms are price takers.

Short Run

A period in economics during which at least one factor of production is considered fixed, limiting the firm's ability to adjust to changes in market demand.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the activity.