In a Particular Country in 1998, the Average Worker Needed

question 110

Multiple Choice

In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker

• A)decreased by 1.7 percent between 1998 and 2008.
• B)remained unchanged between 1998 and 2008.
• C)increased by 4.75 percent between 1998 and 2008.
• D)increased by 6.25 percent between 1998 and 2008.

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Definitions:

Rate

A measure or quantity considered in relation to another quantity or measure, often used to describe the speed, frequency, or cost of something.

Nper

A financial function that calculates the number of payment periods for an investment or loan based on constant payments and constant interest rates.

Fv

Future value; a finance function used to calculate the future value of an investment based on periodic, consistent payments and a steady interest rate.

What-If Analysis

The process of changing variables in models or scenarios to examine different outcomes.