The Quantity of Real GDP Produced by One Hour of Labor

question 224

Multiple Choice

The quantity of real GDP produced by one hour of labor is defined as

• A)real GDP per person.
• B)the advance in technology.
• C)the growth rate of technology.
• D)labor productivity.
• E)economic growth.

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Definitions:

World War II

A global conflict that occurred from 1939 to 1945, involving most of the world's nations, including all of the great powers, eventually forming two opposing military alliances: the Allies and the Axis.

Disinflation

A decrease in the rate of inflation, indicating a slowdown in the rate at which prices for goods and services increase.

Rate of Inflation

The rise in the average cost of goods and services across an economy over a specific period.

Recessions

Periods of economic downturn when output and employment are falling, typically defined as two consecutive quarters of declining gross domestic product.