A Ten Percent Increase in Total Factor Productivity a Will

question 48

Multiple Choice

A ten percent increase in total factor productivity A will increase ________.

• A)the marginal product of capital (MPK)by ten percent
• B)the marginal product of labor (MPL)by ten percent
• C)output by ten percent
• D)all of the above
• E)none of the above

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Definitions:

Industrial Workers

Individuals employed in the industrial sector, including manufacturing, mining, and construction, often represented collectively in labor movements.

Craft Unions

Labor unions that represent workers in specific trades or crafts, focusing on skill-specific issues and collective bargaining.

Wage Costs

The total expenditure incurred by employers to compensate their employees, including salaries, benefits, and taxes.

Late Nineteenth Century

The Late Nineteenth Century refers to the period from 1870 to 1900, marked by significant industrial, social, and political changes globally, including the second Industrial Revolution and increased imperial expansion.