If the Labour Force Is Growing at a 3 Percent

question 28

Multiple Choice

If the labour force is growing at a 3 percent rate and the efficiency of a unit of labour is growing at a 2 percent rate, then the number of effective workers is growing approximately at a rate of:

• A)2 percent.
• B)3 percent.
• C)5 percent.
• D)6 percent.

---

Definitions:

Check-Processing Time

The duration it takes for a bank to process a check payment, clearing the funds from the payer's account to the payee.

Overdrafts

A financial situation where an individual withdraws or spends more money than is available in their account, leading to a negative balance.

Account-Holder

An individual or entity that owns an account in a bank or similar financial institution.

Online Payment Systems

Digital platforms that facilitate the transfer of money between buyers and sellers over the internet.