If Both Total Employment and Total Output in an Economy

question 39

Multiple Choice

If both total employment and total output in an economy grow by 2 percent each year,then the annual growth in labor productivity in the economy over a decade will be equal to _____.

• A)0 percent
• B)2 percent
• C)10 percent
• D)20 percent
• E)2 percent times the size of the labor force

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Definitions:

Trade-offs

Decisions that involve sacrificing one thing to obtain another, often used in the context of making compromises.

Self-regulation

The ability to monitor and control one's behavior, emotions, or thoughts, adapting to circumstances and aligning with long-term goals.

Self-efficacy

Someone's conviction in their capability to carry out tasks needed to reach specific achievement levels.

Mastering

The process of gaining comprehensive knowledge or skill in a particular subject or activity.