Productivity Is the Amount of Goods and Services

question 178

Multiple Choice

Productivity is the amount of goods and services

• A)an economy produces.It is not linked to a nation's economic policies.
• B)an economy produces.It is linked to a nation's economic policies.
• C)produced for each hour of a worker's time.It is not linked to a nation's economic policies.
• D)produced for each hour of a worker's time.It is linked to a nation's economic policies.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the sensitivity of consumers to price changes.

Demand Schedule

A demand schedule is a table that shows the quantity of a good or service that buyers wish to purchase at each possible price.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase.

Demand Elastic

Demand elasticity measures how sensitive the quantity demanded of a good or service is in response to a change in its price.