Refer to the Article Summary. Labor productivity in the UK was well below the productivity in five of the other G7 nations, only faring better than Japan.. Labor productivity is important for an economy because an increase in labor productivity
A) will increase output and decrease wages in the long run.
B) will increase the labor force participation rate.
C) will create short-run, but not long-run, economic growth.
D) allows the average consumer to increase consumption.
D
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The graph below represents the market for lychee nuts. The equilibrium price is $7.00 per bushel, but the market price is $5.00 per bushel
Identify the areas representing consumer surplus, producer surplus, and deadweight loss at the equilibrium price of $7.00 and at the market price of $5.00.
Refer to the information. In equilibrium, the level of consumption will be:
Answer the question on the basis of the following information for a private closed economy. where S is saving, I g is gross investment, i is the real interest rate, and Y is GDP.
A. $80.
B. $95.
C. $65.
D. $70.