Macroeconomics chapter 28

Between 1950 and 2015, U.S real GDP grew at an average annual rate of about...

3.1%

Under what circumstances do rates of economic growth understate the growth of economic well being?

Product quality

The entry of women into the workforce since the 1960s resulted in...

a shift inward in the production possibilities curve of the U.S.

Many economists studying the productivity-growth patterns in the U.S believe that in the period 1995-2010, the productivity of labor in the nation...

benefited from a significant wave of technological advance, coupled with global competition

What economic concept would be most closely associated with a situation where an aluminum plant expands its operations and uses extensive computerization in the production line to reduce per-unit costs of production

economics of scale

An antigrowth view would be that there may be significant trade-off between productivity and...

economies of scale

Rising real wages for women in the U.S workforce since the 1960s have...

increased the opportunity cost of staying at home

The largest contributor to increases in the productivity of American labor is...

technological advance