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One key goal of an economic system is to increase productivity (i.e., outputs divided by inputs). During the second half of 2022, employment in the

One key goal of an economic system is to increase productivity (i.e., outputs divided by inputs). During the second half of 2022, employment in the labor force finally increased to be above the pre-COVID-19 pandemic employment level, most recently reaching 161 million as of April 2024. Notwithstanding, during the start of the COVID-19 pandemic, millions of people were laid off from their jobs, which temporarily lowers productivity because of: Group of answer choices Less consumer surplus Less producer surplus Less specialization of firms and workers in producing output

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Principles of Economics

Authors: Robert Frank, Ben Bernanke

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