Productivity growth occurs when
A) there are more inputs.
B) firms can produce more output per unit of input.
C) more output is produced.
D) employees work extra hours.
Some economists have predicted that recent developments in energy production in the United States are estimated to result in all of the following EXCEPT
A) millions of new jobs.
B) the United States having the lowest energy costs of any country in the industrialized world.
C) a substantial increase in GDP over time.
D) significant increases in pollution.
Which of the following is most likely to have an impact on the growth of productivity?
A) a decrease in the price level
B) a decrease in real money balances
C) an increase in the labor supply
D) improvements in worker training
Which of the following is NOT an example of a supply shock?
A) a drought in the Midwest
B) a decline in natural gas prices following discovery of new fields
C) the introduction of a new line of computer-controlled machine tools in manufacturing
D) a substantial increase in federal government spending on Medicare