Total factor productivity is
a. changes in amounts of factors of production
b. changes in output due to changes in the amount of factors of production
c. changes in output due to changes in productivity of factors of production
d. changes in productivity of factors of production due to changes in other factors
e. none of the above
C
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One of the determinants of real GDP is output per hour of labor. This statistic is called labor
a. force growth. b. productivity. c. force participation. d. force input.
Figure 3.2 shows the total cost and total benefit curves for a professional guitarist. If the guitarist is currently practicing 1 hour per day, then:
A. she should practice more because net benefits would increase. B. she should practice less because net benefits would decrease. C. she should practice less because net benefits would increase. D. she should practice more because net benefits would decrease.