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14 Cards in this Set

  • Front
  • Back

Labor productivity equals

output per hour of labor

Labor productivity is equal to the quantity of

output produced by a unit of labor

If the amount of physical capital (that is machinery, equipment, etc.) per worker decreases, then

labor productivity will decrease

Economic growth is measured by the growth rate of

real GDP per capita

Using the expenditure approach, Gross Domestic Product equals

C+I+G+(NX)

Expenditures on U.S. produced steaks, shoes, and doctor visits are most likely classified as

consumption expenditures

As more capital is used per worker, moving along the production function diminishing returns occur because

additional units of capital provide less additional output

Standard of living is measured using the growth rate of

real GDP per person

The annual inflation rate measures the

percent change in price level from one year to the next

A business cycle has two turning points, which are the

trough and peak

Over the business cycle,

real GDP fluctuates around its trend

The Consumer Price Index measures the average prices paid by

urban consumers for a fixed market basket of goods and services

Cyclical unemployment includes people who become unemployed from

changes in business cycle

Amy was laid off from her construction job, but Amy is laid off every winter because of the snow. Amy's unemployment is best classified as

seasonal