If Adding an Initial 100 Billion Labor Hours Per Year

question 159

Multiple Choice

If adding an initial 100 billion labor hours per year increases real GDP by $3 trillion,diminishing returns informs us that an additional 100 billion labor hours per year will increase real GDP by

• A)exactly $3 trillion.
• B)less than $3 trillion.
• C)more than $3 trillion.
• D)either exactly $3 trillion or by less than $3 trillion,depending on whether the real wage rate remains constant or rises.
• E)some amount but there is not enough information to tell by how much.

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Plastic Price

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Technological Advance

Progress or innovation in technology that often leads to improved efficiency, productivity, or capabilities.

Lumber Prices

The cost of lumber, varying based on supply and demand dynamics, quality, and the geopolitical environment.

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