If the Average Workweek Declines and the Level of Output

question 128

Short Answer

If the average workweek declines and the level of output and prices remain constant,GDP will ___.

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Definitions:

Social Security

A government program that provides financial assistance to individuals during retirement, disability, or upon the death of a primary wage earner.

Supply of Labor

The total hours that workers wish to work at a given wage rate, influenced by factors like wages, working conditions, and demographics.

Age

A measure of time that an individual or object has existed from its birth or creation to a specific point.

Factor Distribution

The way economic outputs, incomes, or assets are distributed among the factors of production, such as labor and capital.