The USeconomy Has Seen a Faster Increase in Productivity Since the the Mid-1990s

question 170

Multiple Choice

The U.S.economy has seen a faster increase in productivity since the mid-1990s as compared to the economies of Canada and many Western European countries.Which of the following explains this?

• A)U)S.unions impose stricter work rules as compared to unions in Canada and many Western European countries.
• B)U)S.government regulations impose stricter work rules as compared to government regulations in Canada and Western Europe.
• C)The United States has a higher rate of job mobility than do Canada and many Western European countries.
• D)U)S.workers can obtain unemployment insurance for a longer period of time as compared to workers in Canada and most Western European countries.
• E)Western European countries have more regulations concerning technological improvement.

Identify the significance of income effect and substitution effect on quantity demanded.

Recognize the importance of market demand and how individual demands are aggregated.

Understand the concept of substitution effect and its impact on demand.

Comprehend how changes in prices influence consumer behavior through the substitution and income effects.

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