Real GDP Can Increase Either Because the Quantity of Labor

question 10

Essay

Real GDP can increase either because the quantity of labor increases or because labor productivity increases.What is the effect on the standard of living if real GDP increases because
a.the quantity of labor increases?
b.labor productivity increases?

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Definitions:

Salesforce Organizing

The process of structuring and managing a salesforce to efficiently achieve sales targets and goals.

Sales Plan Formulation

The process of defining strategies, tactics, sales targets, and actions to achieve the sales goals of a business.

Postpurchase Evaluation

The assessment by consumers of their level of satisfaction or dissatisfaction with a product after they have bought and used it.

Personal Selling Process

Involves a series of steps that a salesperson follows to persuade a prospective buyer to make a purchase, including prospecting, approaching, presenting, handling objections, closing, and follow-up.