Productivity can be increased by ?
Correct answer: A. improving the education of workers
- A. improving the education of workers
- B. raising union wages.
- C. raising minimum wages.
- D. restricting trade with foreign countries.
Explanation
Education and training can improve workers’ skills, enabling them to produce more output per unit of labour. Higher wages or trade restrictions may affect costs or employment, but they do not necessarily raise productivity.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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