Some Economists Argue That the Productivity Slowdown of the Mid-1970s

question 5

Multiple Choice

Some economists argue that the productivity slowdown of the mid-1970s to the mid-1990s was due to changes in oil prices that

• A)increased production costs, causing firms to reorganize production to conserve energy, which reduced output per worker.
• B)decreased production costs, causing firms to reorganize production to conserve energy, which reduced output per worker.
• C)increased production costs, causing firms to reorganize production to conserve energy, which increased output per worker.
• D)decreased production costs, causing firms to increase production, which reduced output per worker.
• E)increased participation in the labour force by people who would not have participated in the past.

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Definitions:

Marketing Strategies

Plans or approaches businesses use to promote their products, services, or brand to their target audiences, aiming to maximize sales and achieve a competitive advantage.

Machining Process

A manufacturing process involving the shaping of metal or other materials by cutting, boring, grinding, or other forms of deformation.

Manual Polishing

A finishing process involving the physical smoothing or enhancing of an item's surface by hand, without automated machinery.

Labour Hours

The total amount of working time expended by employees in the production of goods or services, measured in hours.