Labor Productivity Is

question 176

Multiple Choice

Labor productivity is

• A) the rate of change in real GDP per hour of labor.
• B) real GDP per hour of labor times the hours of work.
• C) real GDP per hour of labor times the number of people.
• D) real GDP per hour of labor.

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Definitions:

Consideration

The exchange of something of value in return for the promise or service of another party, a fundamental component of a valid contract.

Promise

A declaration or assurance by one party to another that a particular action or condition will occur or be met, potentially forming the basis of a contractual obligation.

Consideration

Something of value that is promised, given, or done that persuades a party to enter into a contract, making the contract legally enforceable.

Contract

A legally binding agreement between two or more parties that is enforceable by law.