Is Output Per Hour In The Business Sector

Question: ____________ is output per hour in the business sector.

A.) Net exports

B.) Productivity

C.) Investment

D.) GDP per capita

Answer: B.) Productivity

Question: In the long run, the most important source of increase in a nation’s standard of living is a:

A.) zero rate of population growth.

B.) high rate of economic growth.

C.) high rate of consumption.

D.) high rate of labor force growth.

Answer: B.) high rate of economic growth.

Question: To achieve a high standard of living, a nation should:

A.) increase the tax deduction for child dependents.

B.) promote economic growth.

C.) use less capital and more labor in the production process.

D.) increase welfare payments to the poor.

Answer: B.) promote economic growth.

Question: In macroeconomics, the connection from inputs to outputs for the entire economy is called ____________.

A.) a production function

B.) an aggregate production function

C.) human capital

D.) physical capital

Answer: B.) an aggregate production function

Question: __________________________ is a term which refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.

A.) GDP per capita

B.) The Industrial Revolution

C.) The living standard

D.) Investment and inventions

Answer: B.) The Industrial Revolution