Suppose that technological advancement makes labor more productive. What is likely to happen to wages and to potential output?
A) Wages decrease and potential output increases. B) Wages decrease and potential output decreases.
C) Wages increase and potential output increases. D) Wages increase and potential output decreases.
C
Economics
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What will be an ideal response?
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To measure the change in the standard of living, it is best to use the growth rate
A) from the Rule of 70. B) of the price level. C) of real GDP per person. D) of real GDP. E) of the population.
Economics