Labor Productivity Growth Can Be Attributed To

question 176

Multiple Choice

Labor productivity growth can be attributed to:

• A) improvement in technology.
• B) a decline in university attendance.
• C) an increase in population growth.
• D) a decline in the physical capital per worker.

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Definitions:

Tariff

A tax imposed by a government on goods and services imported from other countries to protect domestic industries or to generate revenue.

Smoot-Hawley Tariff

The U.S. tariff law of the 1930s, which set the highest tariffs in U.S. history (60 percent). It set off an international trade war and caused the decline in trade that is often considered one of the causes of the worldwide depression of the 1930s.

Export Subsidy

A governmental financial support for companies exporting products, designed to encourage exports by making them price competitive in global markets.

Dumping

A firm’s or an industry’s sale of products on the world market at prices below its own cost of production.