Which of the Following Is One of the Reasons Typically

question 16

Multiple Choice

Which of the following is one of the reasons typically given for the relatively high secular growth rate of productivity for the period 1959 - 2006?

• A)A three-fold increase in the capital stock
• B)An increase in service sector output relative to the manufacturing sector
• C)An increase in the average length of the workweek
• D)An increase in the use of quotas and tariffs to protect domestic industries

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Definitions:

Rules of The Game

Informal and formal institutions, norms, and conventions that shape interactions and decision-making in economic, social, and political environments.

Institutional Elements

Components of a society's system, including laws, regulations, norms, and conventions that shape economic and social interactions.

Property Rights

This term denotes the legal rights to own, use, and dispose of assets. It's a foundational element of market economies, affecting the allocation and use of resources.

Standards of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.