Macroeconomics
10th Edition
ISBN: 9781319105990
Author: Mankiw, N. Gregory.
Publisher: Worth Publishers,
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Question
Chapter 9.A, Problem 1PA
(a)
To determine
The change in labor productivity and total factor productivity.
(b)
To determine
The change in the total factor productivity over the years.
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Students have asked these similar questions
An increase in labor productivity means businesses will produce more output with the same amount of labor. Explain
Suppose an economy's real GDP is $5,000 billion. There are 125 million workers, each working an average
of 2,000 hours per year.
a. What is labor productivity per hour in this economy?
Which of the following statements about labour productivity (Y/L), also known as the average product of labour are
correct?
Select one or more:
a. A rise in labour productivity must imply job losses
b. If Y is fixed A rise in labour productivity must imply job losses
c. With a standard production function, if L falls, without any change in technology or capital intensity, labour
productivity must rise
d. A rise in labour productivity at the same time as a rise in employment is logically impossible
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