Explain productivity and discuss how it is related to the standard of living in terms of the circular flow model.
What will be an ideal response?
but students should identify productivity as a measure of how efficiently resources are used and demonstrate understanding of how all resources can become more productive, even though labor is most often used to measure productivity. Answers should also note that a rise in efficiency results in a rise in the standard of living and demonstrate understanding of the circular flow model and how the aggregate value of all goods and services produced in the economy must equal the payments made to the factors of production.
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Trends in the workplace include this leading one:
a. In recent years, being underemployed, having employment beneath one's level of education and experience b. Longer lunch hours c. Kinder, more empathetic bosses d. More work space, larger private offices
An example of a time series data set is one for which the:
a. data would be collected for a given firm for several consecutive periods (e.g., months). b. data would be collected for several different firms at a single point in time. c. regression analysis comes from data randomly taken from different points in time. d. data is created from a random number generation program. d. use of regression analysis would impossible in time series.