In Lotusland, Real GDP Per Hour of Labor Grows at 6

question 232

Multiple Choice

In Lotusland, real GDP per hour of labor grows at 6 percent a year and capital per hour of labor increases by 6 percent a year. The one- third rule tells us that technological change increased real GDP per hour of labor by .

• A) 3 percent a year
• B) 4 percent a year
• C) 6 percent a year
• D) 12 percent a year

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Definitions:

Levels Of Management

The hierarchical layers of authority within an organization, including top-level executives, middle managers, and front-line supervisors.

Adaptive Organizations

Organizations that are capable of adjusting and evolving in response to changing market conditions, challenges, and opportunities.

Bureaucratic Structure

An organizational structure characterized by fixed divisions of labor, a hierarchy of authority, and detailed rules and regulations guiding operations.

Worker Empowerment

The process of giving employees authority, resources, and skills to make decisions and contribute to the organization's success independently.