If Labor Productivity Growth Slows Down in a Country,this Means

question 137

Multiple Choice

If labor productivity growth slows down in a country,this means that the growth rate in ________ has declined.

• A)labor force participation
• B)the quantity of goods or services that can be produced by one hour of work
• C)the working-age population
• D)nominal GDP

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Definitions:

Government Failure

Occurs when government intervention in the economy leads to an inefficient allocation of resources or fails to achieve the intended outcomes.

Public Choice Theory

A theory in economics and political science that studies how public sector actions and policies are influenced by the self-interest of individuals, especially politicians and bureaucrats, as opposed to the public good.

Keynesian Economics

An economic theory stating that government intervention is necessary to help economies emerge from recession, through policies that stimulate demand, control inflation, and adjust interest rates.

Paradox of Voting

The concept that for a rational, self-interested voter, the costs of voting will normally exceed the expected benefits, given the low probability that one vote will influence the outcome.