Productivity Increases, Brought About by Increased Education and Training, May

question 56

True/False

Productivity increases, brought about by increased education and training, may shift the aggregate supply curve outward.

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Definitions:

Average Product

The output produced, on average, by each unit of a variable input, such as labor.

Labor

Human effort, whether physical or mental, exerted in the production of goods and services.

Car Detailing

A service performed on a vehicle to restore its cleanliness and appearance, both inside and out, often including paint care, interior detailing, and wheel cleaning.

Marginal Product

The increase in output that results from a one-unit increase in the quantity of a single input, holding the quantities of all other inputs fixed.