Which of the Following Is Not a Reason Used to Explain

question 26

Multiple Choice

Which of the following is not a reason used to explain the slowdown in productivity in the United States?

• A)The lack of savings in the 1980s and early 1990s
• B)High energy prices in the 1970s
• C)Competition from China and Japan
• D)Inadequate workforce skills

Identify how differences in productivity and resources contribute to variations in standards of living.

Evaluate how economists assess economic progress.

Understand the role and examples of different factors of production in the economy.

Grasp the concept of diminishing returns and its implications for economic growth.

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Definitions:

Oral Contract

An agreement between parties that is made through spoken words and is legally binding, though not written.

Unliquidated Debt

A debt for which the parties either dispute the fact that any money is owed or agree that some money is owed but dispute the amount.

Repayment Schedule

A detailed plan outlining the frequency, amount, and duration of payments owed by a borrower to a lender until the debt is paid off.

Promissory Estoppel

A legal principle that prevents a party from going back on a promise made when the other party has reasonably relied on that promise to their detriment.