Which of the Following Statements Is True

question 132

Multiple Choice

Which of the following statements is true?

• A)Productivity is calculated as hours worked divided by output produced.
• B)Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers.
• C)Both A and B are correct.
• D)None of the above are correct.

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Definitions:

No Free Lunch

An expression indicating that everything has a cost, and nothing is truly given away without an expectation of something in return.

Less Government

A philosophy or approach that advocates for minimal governmental intervention in economic affairs.

Social Regulation

Rules imposed by government aimed at restricting behaviors that directly relate to the welfare of individuals in society, such as health, safety, and environmental regulations.

Industrial Regulation

Government rules or laws designed to control business practices, market conditions, and protect consumers within specific industries.