Economic Growth, Productivity & Aggregate Demand

Front

How is labor productivity typically measured?

Back

Total output divided by total hours worked

Front

Which of the following best describes aggregate demand? Options: The total supply of goods and services in an economy, The total demand for goods and services in an economy, The demand for a specific good or service, The supply of a specific good or service

Back

The total demand for goods and services in an economy

Front

What is one potential impact of economic growth on a country?

Back

Improvement in living standards

Front

Which of the following is a key factor in determining productivity in labor markets? The level of taxation, The education and skills of the workforce, The number of holidays in a year, The size of the labor force

Back

The education and skills of the workforce

Front

Which of the following is NOT a component of aggregate demand? Consumer spending, Business investment, Government spending, Natural resources

Back

Natural resources

Front

What is the formula for calculating the growth rate of real GDP?

Back

Front

Which of the following can lead to an increase in productivity? Decrease in worker motivation, Increase in technological innovation, Reduction in capital investment, Increase in labor strikes

Back

Increase in technological innovation

Front

What role does aggregate demand play in the economy?

Back

It influences the overall price level and output

Front

What is the relationship between productivity and wages in the labor market?

Back

Higher productivity typically leads to higher wages.

Front

Which of the following is a measure of economic productivity? Gross Domestic Product (GDP), Consumer Price Index (CPI), Labor Force Participation Rate, Output per hour worked

Back

Output per hour worked