Workforce Explanations of the Productivity Changes in the 1973-1995 Period

question 213

Multiple Choice

Workforce explanations of the productivity changes in the 1973-1995 period include

• A)rising SAT scores.
• B)declining SAT scores.
• C)rising educational attainment.
• D)falling levels of average educational attainment.

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Definitions:

Marginal Productivity

The increase in output resulting from a one-unit increase in the input, holding all other inputs constant.

Income Distribution

The way in which total income is shared among the population or different groups within the society.

Equilibrium Value

The price and quantity at which the supply and demand for a good or service balance each other out.

VMPL Curve

The VMPL curve, or the Value of Marginal Product of Labor curve, represents the additional value created by employing one more unit of labor, holding other inputs constant.