Empirical Studies Suggest That

question 247

Multiple Choice

Empirical studies suggest that

• A) labor productivity has declined throughout U.S. history.
• B) technological advances account for about 40 percent of U.S. productivity growth.
• C) achieving economies of scale is the most important factor in U.S. economic growth.
• D) all U.S. economic growth from between 2001 and 2007 can be attributed to increases in the quantity of labor.

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Definitions:

Socialized Industry

An industry that is owned and operated by the government, aiming to provide goods or services for the benefit of the public rather than for profit.

Healthcare Industry

The sector that provides medical services, manufactures medical equipment, and develops pharmaceuticals among other health-related activities.

High-Income Countries

Nations with a high gross national income per capita, indicating a generally high standard of living and economic productivity.

Real Expenditures

Total spending on goods and services, adjusted for inflation, to reflect the true economic value of transactions.