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Chapter 20: Q 15. (page 496)

How is GDP per capita calculated differently from

labor productivity?

Short Answer

Expert verified

Because of the varied nature of labor productivity which is not fixed and stable.

Step by step solution

01

Step 1. Definition

Worker鈥檚 productivity also known as workforce productivity is defined as an evaluation or appraisal of the efficiency of a worker or a group of workers.

Gross domestic product (GDP) is referred to as the economic value of all finished goods and services manufactured within a nation during a fixed period of time.

02

Step 2. Explanation

There is always a dilemma in that the worker's income and the amount a worker can produce are not always exactly the same, so these numbers that鈥檚 why differ.

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Most popular questions from this chapter

For a high-income economy like the United States,

what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?

Would the following events usually lead to capital deepening? Why or why not?

  1. A weak economy in which businesses become reluctant to make long-term investments in physical capital.
  2. A rise in international trade.
  3. A trend in which many more adults participate in continuing education courses through their employers and at colleges and universities.

Labor Productivity and Economic Growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is not the case and explain why it is not.

Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?

What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they are combined?
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