If Average Labor Productivity Increases, Real GDP Per Person

question 103

Multiple Choice

If average labor productivity increases, real GDP per person:

• A)increases.
• B)decreases.
• C)remains constant.
• D)may increase or decrease depending on the change in the share of population employed.

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Definitions:

Benefits

Forms of value, such as financial support, goods, or services, provided to individuals or organizations, typically as part of employment or governmental support.

Marginal Benefit Assessment

The evaluation of the additional benefits received from using one more unit of a good or service.

Economic Efficiency

A state where resources are allocated in the most effective manner, maximizing the production of goods and services while minimizing waste and costs.

Standard

An established measure or model used for comparison in assessing the quality, quantity, or value of something.