For the Years 2004-2005,output Per Person in the Private Sector

question 12

Multiple Choice

For the years 2004-2005,output per person in the private sector grew 2.1 percent;capital intensity grew 0.3 percent;and labor composition grew 0.1 percent.What was the growth rate of total factor productivity?

• A)1.8 percent
• B)2.5 percent
• C)1.7 percent
• D)0.4 percent
• E)Not enough information is given.

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Definitions:

Good X

A term typically used in economics to denote a specific commodity or product in theoretical models and discussions.

Budget Constraint

A concept in economics that represents all the combinations of goods and services a consumer can afford given their income and the prices of goods and services.

Horizontal Axis

In a graph or chart, the x-axis that runs from left to right, commonly used to represent the independent variable.

Vertical Axis

A line or reference point on a graph or chart that typically represents the dependent variable or outcome in an analysis.