Labor Productivity Increases When

question 174

Multiple Choice

Labor productivity increases when

• A) the average number of hours people work goes up.
• B) the unemployment rate decreases.
• C) the average output produced per worker during a specified time period increases.
• D) the average output produced per worker during a specified time period decreases.

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Definitions:

Accord and Satisfaction

A legal settlement where a disputing party agrees to accept a payment or performance that is different from what was originally owed or expected, thereby settling the claim.

Preexisting Duty

An obligation that one party already legally owes to another under a contract, which cannot serve as consideration for a new contract.

Illusory Consideration

A promise or apparent agreement that lacks the actual commitment or substance to be legally enforceable as consideration in a contract.

Unliquidated Debt

A debt for which the exact amount owed has not been determined.