Data on Productivity Gains in the 1990s in the United

question 41

Multiple Choice

Data on productivity gains in the 1990s in the United States strongly suggest that a significant share of those gains was attributable to:

• A)improvements in education and training.
• B)improvements in information technology.
• C)substantial reductions in labor costs.
• D)increased demand for goods and services.

---

Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, reflecting how individuals respond to changes in income or working conditions.

Indifference Curve

A set of points, each point representing a combination of goods X and Y, all of which yield the same total utility.

Marginal Utility

The supplementary contentment or advantage received from the consumption of one more unit of a product or service.

Total Utility

The total satisfaction received by a consumer from consuming a certain quantity of goods or services.