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Chapter 20: Q. 3 (page 495)

Are there other ways in which we can measure productivity besides the amount produced per hour of work?

Short Answer

Expert verified

GDP/ worker, GDP/ hour, etc.

Step by step solution

01

Step1. Introduction

Productivity is how efficiently can output be produced in an economy by the workers or labor.

Higher productivity gives higher economic growth.

02

Step2. Explanation

Productivity helps in calculating the economic growth rate of an economy as the output produced gives a result that shows how efficiently the use of scarce resources is being done by the economic unit/ economy as a whole.

When the resources are used efficiently it provides high productivity due to which an increase in economic growth occurs.

For measuring the productivity of an economy methods used are Gross Domestic Product (GDP) per hour or Gross Domestic Product (GDP) per worker other than the amount produced per hour of work.

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Most popular questions from this chapter

Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2% for 25 years and the productivity of Mexico鈥檚 workers grows at 6% for 25 years, which country will have higher worker productivity at that point?

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.

As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?

What do economists mean when they refer to

improvements in technology?

List the areas where government policy can help economic growth.
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