For the Years 2011-2015, If Output Per Person in the Private

question 20

Multiple Choice

For the years 2011-2015, if output per person in the private sector grew 1.9 percent, capital intensity grew 1.1 percent, and total factor productivity grew 0.2 percent, what was the growth rate of labor composition?

• A) 0.6 percent
• B) 2.6 percent
• C) 3.4 percent
• D) 1.2 percent
• E) 1.3 percent

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Definitions:

Rational Decision Makers

Individuals or organizations that make choices that maximize their utility, based on systematic analysis of options and outcomes.

Expected Marginal Benefit

The additional benefit perceived by a consumer or producer from consuming or producing one more unit of a good or service.

Expected Marginal Cost

Refers to the anticipated increase in cost for producing one additional unit of a good or service.

Macroeconomics

The study of the economic behavior of entire economies, as measured, for example, by total production and employment.