Describe the trend in the rate of productivity from 1973 to 1995 and then from 1995 to 2012.
What will be an ideal response?
Productivity growth was 2.4 percent annually from 1995–2012 compared with 1.5 percent annually from 1973–1995. This development caused some economists to think that this recent increase in trend rate productivity had emerged based on improvements in technology and global competition.
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According to economists, gift registries, returning gifts for cash refunds, and "recycling gifts":
A. are inefficient because the time spent in these activities is never worth the benefit recipients receive from doing them. B. are equally efficient because the recipient gets exactly what he wants. C. are more efficient than if givers simply gave cash gifts. D. increase the efficiency of gift-giving because they allow the recipient to consume goods that provide greater utility and transfer away those goods that are less satisfying.
Give an example that shows why price index has to be used to accurately calculate GDP statistics. Avoid using examples given in the text.
What will be an ideal response?