Question 1
During economic expansions
◦ employment rises by a higher percentage than output, and the ratio of output to workers falls.
◦ output rises by a larger percentage than employment, and the ratio of output to workers rises.
◦ employment rises by a larger percentage than output, and the ratio of output to workers rises.
◦ output rises by a larger percentage than employment, and the ratio of output to workers falls.
Question 2
During economic downswings
◦ output falls faster than employment, and the ratio of output to workers falls.
◦ employment falls faster than output, and the ratio of output to workers falls.
◦ employment falls faster than output, and the ratio of output to workers rises.
◦ output falls faster than employment, and the ratio of output to workers rises.
Conventional view of economic activity
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