Because of the Productivity Slowdown in the United States from the Mid-1970s

question 9

Multiple Choice

Because of the productivity slowdown in the United States from the mid-1970s through the mid-1990s

• A)real GDP per capita grew more rapidly.
• B)real GDP per capita grew more slowly.
• C)the standard of living did not change.
• D)the standard of living increased in the United States.

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Definitions:

Student Enrollment

The process by which students register for and commit to participating in educational programs or courses at an institution.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced.

Minimum Efficient Scale

The smallest quantity of output at which long-run average cost reaches its lowest level, allowing a firm to fully exploit economies of scale.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.