In a Particular Country in 2000,the Average Worker Needed to Work

question 72

Multiple Choice

In a particular country in 2000,the average worker needed to work 40 hours to produce 55 units of output.In that same country in 2008,the average worker needed to work 30 hours to produce 45 units of output.In that country,the productivity of the average worker

• A)decreased by about 6 percent between 2000 and 2008.
• B)remained unchanged between 2000 and 2008.
• C)increased by about 9 percent between 2000 and 2008.
• D)increased by about 18 percent between 2000 and 2008.

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Definitions:

Fed

Short for the Federal Reserve, which is the central banking system of the United States, responsible for monetary policy.

Interest Rates

The cost of borrowing money or the return on investment, expressed as a percentage of the principal.

Wealth Effect

The change in spending behavior by individuals or households due to a change in their wealth, often as a result of asset price changes.