In a Particular Country in 1998,the Average Worker Needed to Work

question 48

Multiple Choice

In a particular country in 1998,the average worker needed to work 40 hours to produce 100 units of output.In that same country in 2008,the average worker needed to work 36 hours to produce 72 units of output.In that country,the productivity of the average worker

• A)decreased between 1998 and 2008,so we would expect the standard of living to have decreased accordingly.
• B)increased between 1998 and 2008,so we would expect the standard of living to have increased accordingly.
• C)decreased between 1998 and 2008,so we would expect inflation to have decreased accordingly.
• D)increased between 1998 and 2008,so we would expect inflation to have increased accordingly.

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Definitions:

Overdraft

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero, leading to a negative balance.

Dishonored Check

A check that a bank refuses to pay or clear, typically because there are insufficient funds in the account on which it is drawn.

Certified Check

A personal check guaranteed by the issuing bank, ensuring that the check writer has sufficient funds for the check to clear.

Draw

A term referring to either a poker game variant, the process of selecting something in a random manner, such as in a lottery, or drawing funds against a line of credit.