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14 Cards in this Set
- Front
- Back
Labor productivity equals |
output per hour of labor |
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Labor productivity is equal to the quantity of |
output produced by a unit of labor |
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If the amount of physical capital (that is machinery, equipment, etc.) per worker decreases, then
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labor productivity will decrease |
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Economic growth is measured by the growth rate of
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real GDP per capita |
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Using the expenditure approach, Gross Domestic Product equals
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C+I+G+(NX) |
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Expenditures on U.S. produced steaks, shoes, and doctor visits are most likely classified as
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consumption expenditures |
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As more capital is used per worker, moving along the production function diminishing returns occur because
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additional units of capital provide less additional output |
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Standard of living is measured using the growth rate of
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real GDP per person |
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The annual inflation rate measures the
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percent change in price level from one year to the next |
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A business cycle has two turning points, which are the
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trough and peak |
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Over the business cycle,
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real GDP fluctuates around its trend |
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The Consumer Price Index measures the average prices paid by
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urban consumers for a fixed market basket of goods and services |
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Cyclical unemployment includes people who become unemployed from
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changes in business cycle |
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Amy was laid off from her construction job, but Amy is laid off every winter because of the snow. Amy's unemployment is best classified as
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seasonal |