The Amount of Goods and Services Produced from Each Unit

question 66

Multiple Choice

The amount of goods and services produced from each unit of labor input is called

• A)opportunity cost.
• B)productivity.
• C)externality.
• D)marginal benefit.

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Definitions:

Government Spending

Expenditures by government entities on goods and services, including infrastructure, public services, and social welfare programs.

GDP

Totaling the market value of all final goods and services produced inside a country within a set period results in the Gross Domestic Product.

Inflations

The speed at which the overall price level of goods and services increases, leading to a decrease in buying power.

Taxes

Compulsory financial charges imposed by a government on individuals or entities to fund public expenditures.