Labor Productivity Is Equal to the Quantity of

question 47

Multiple Choice

Labor productivity is equal to the quantity of

• A)workers who are gainfully employed.
• B)real GDP.
• C)real GDP consumed by the total population in one hour.
• D)real GDP produced by one hour of labor.
• E)workers employed during one hour.

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Definitions:

Equilibrium Prices

The price at which the quantity of a good supplied is equal to the quantity demanded, leading to market balance.

Consumer Surplus

The difference in the total amount that customers are ready and financially able to invest in a good or service and the amount they truly pay.

Producer Surpluses

The difference between what producers are willing to sell their goods for and the actual price they receive.

Creative Destruction

A concept in economics implying the dismantling of long-standing practices in order to make way for innovation and advancement.