Measuring the Economy Answers
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What output do economists use when calculating an economy’s productivity?
A
gross domestic productB
gross domestic product per capitaC
total number of work hoursD
total wages of all workers22
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The data set below has a lower quartile of 13 and an upper quartile of 37.1, 12, 13, 15, 18, 20, 35, 37, 40, 78Which statement is true about any outliers of the data set?
A
The data set does not have any outliers.B
The lowest value, 1, is the only outlier.C
The greatest value, 78, is the only outlier.D
Both 1 and 78 are outliers.23
Which scenario illustrates how higher productivity might result in a higher standard of living?
A
Kerzi’s company has met its production goals for the last three years. Last year the company achieved its goal by increasing the number of hours each employee works by five hours per week. This year, the company had to add more employees and increase the workweek.B
Firouz’s company has automated much of its production. As a result, the company has been able to cut its workforce by half and still increase the factory’s output. The lower number of hours worked and the high output has increased the company’s productivity.C
Liam’s company has streamlined production, which has resulted in the company making more goods in less time. As a result, the company has shortened the workday to six hours. Liam uses his extra free time to attend college classes. He hopes a degree will lead to a higher-paying career.D
Tamira’s company has just been awarded a large contract to make airplane parts for the US military. The company won the contract by promising to provide the parts in a short period of time. To achieve high productivity, the company is increasing the workweek by 10 hours.25
Which statement is true about the ranges for the box plots?
A
The range of the Morning box plot is the same as the range of the Afternoon box plot.B
The range of the Morning box plot is 1 less than the range of the Afternoon box plot.C
The range of the Morning box plot is 1 more than the range of the Afternoon box plot.D
The range of the Morning box plot is 2 less than the range of the Afternoon box plot26
What must economists adjust for when comparing a country’s GDP per capita from two periods several years apart?
A
employmentB
productivityC
inflationD
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