#1
Which of the following is not considered an economic factor influencing productivity?
Consumer preferences
ExplanationConsumer preferences, though important in the market, are not typically classified as economic factors directly influencing productivity.
#2
In the context of economic factors, what does GDP stand for?
Gross Domestic Product
ExplanationGDP stands for Gross Domestic Product, representing the total value of goods and services produced within a country's borders.
#3
Which of the following is a microeconomic factor influencing productivity?
Consumer income
ExplanationConsumer income, a factor at the individual or household level, is considered a microeconomic factor impacting productivity.
#4
Which of the following is an example of a macroeconomic factor influencing productivity?
Monetary policy
ExplanationMonetary policy, set by the central bank or government, is a macroeconomic factor influencing overall economic productivity.
#5
What does the term 'capital' typically refer to in economics?
Physical assets used in production
ExplanationIn economics, 'capital' refers to physical assets like machinery and equipment used in the production process.
#6
What is the formula for calculating labor productivity?
Total output / Total labor input
ExplanationLabor productivity is calculated as the total output divided by the total labor input, providing a measure of efficiency.
#7
What effect does technological innovation usually have on productivity?
Increases it
ExplanationTechnological innovation typically leads to increased productivity by introducing more efficient processes and tools.
#8
Which economic factor is primarily concerned with the efficiency of resource allocation?
Market structure
ExplanationMarket structure is concerned with how resources are allocated efficiently in a market, influencing overall productivity.
#9
Which of the following is a characteristic of labor productivity?
It measures the total output per unit of labor input
ExplanationLabor productivity is measured by the total output generated per unit of labor input, reflecting efficiency.
#10
How does globalization typically impact productivity?
Increases it by promoting competition
ExplanationGlobalization tends to increase productivity by fostering competition, driving efficiency and innovation.
#11
Which of the following is not a component of Total Factor Productivity (TFP)?
Raw material cost
ExplanationRaw material cost is not typically considered a component of Total Factor Productivity (TFP), which focuses on overall efficiency.