Explain the relationship between economic growth and labor productivity
What will be an ideal response?
Economic growth equals the sum of the growth rates of all inputs plus the rate of growth in the productivity of the inputs. Hence, other things constant, an increase in labor productivity leads to an increase in economic growth.
Economics
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Which of the following is the exponential trend equation to forecast sales (S)?
A) S = a + b(t) B) S = a + bt C) S = a + b(t) + c(t)2 D) None of the above
Economics
Which of the following is an incorrect statement?
a. If for an activity MR>MC, then do more of it b. An incentive compensation scheme that increases MR will increase effort c. Fixed fees have no effect on effort d. Average cost is relevant to an extent decision
Economics