Empirical studies suggest that:
A. labor productivity has declined throughout U.S. history.
B. technological advances account for about 40 percent of U.S. productivity growth.
C. the achieving of economies of scale is the most important factor in U.S. economic growth.
D. all U.S. economic growth from between 2001 and 2007 can be attributed to increases in
the quantity of labor.
B. technological advances account for about 40 percent of U.S. productivity growth.
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Reverse causality can create confusion between correlation and causation. What does reverse causality imply?
What will be an ideal response?
Cost
A) is what the buyer pays to get the good. B) is always equal to the marginal benefit for every unit of a good produced. C) is what the seller must give up to produce the good. D) is greater than market price, which results in a profit for firms. E) means the same thing as price.