A country’s level of productivity determines its
A. productivity growth rate.
B. rate of population growth.
C. current standard of living.
D. future income potential.
Answer: C
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When you set aside the money you have today in order to purchase goods and services later on, you are using money as a
A) store of value. B) medium of exchange. C) standard of deferred payment. D) unit of accounting.
A profit-maximizing firm will hire additional units of labor until
A) the additional cost of hiring the last worker equals the additional revenue generated by that worker. B) the additional cost of hiring the last worker equals the marginal factor cost of the worker. C) the extra revenue from hiring the last worker equals the marginal physical product of labor. D) the extra cost from hiring the last worker equals the cost of the product.