The Quantity of Real GDP Produced by One Hour of Labor

question 55

Multiple Choice

The quantity of real GDP produced by one hour of labor is defined as

• A)labor productivity.
• B)the growth rate of technology.
• C)economic growth.
• D)real GDP per person.
• E)the advance in technology.

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Definitions:

Flexible Manufacturing System

A system that allows for the easy adaptation of the production equipment and processes to manufacture different types of products or change production volumes in response to market demands.

Benefits

Advantages or positive outcomes resulting from actions, activities, or participation in certain programs or initiatives.

Flexibility

Flexibility refers to the ability to adapt or adjust to new conditions, changes, or challenges without significant impact on functionality or outcomes.

Operations Managers

Professionals responsible for overseeing, designing, and controlling the process of production and redesigning business operations in the production of goods or services.