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1) Labor productivity is defined as a. output per capita b. the growth in output per worker c. nominal GDP divided by the number of

1) Labor productivity is defined as

a. output per capita

b. the growth in output per worker

c. nominal GDP divided by the number of

people in the population

d. output per hour of labor input.

2)The equilibrium price is the price

a. that is above the cost of production

b. that equates demand and supply

c.when demand exceeds supply

d. when there is a shortage of the good

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