Question 19 1 out of 1 points In which period was labor productivity growth the. ... Course Title ECO 320; Type. Test Prep. Uploaded By markanthonyflores. Pages 12 Ratings 100% (2) 2 out of 2 people found this document helpful; This preview shows page 7 - 12 out of 12 pages. ...
Jan 19, 2017 · POINTS: 1 DIFFICULTY: Basic TOPICS: Measuring Economic Growth OTHER: Factual 30. In which of the following periods was labor productivity growth the slowest in the U.S. economy? a. Long boom b. Economic liftoff period c. 1995−2005 d. …
a. 1948-1973 is a definable period of labor productivity growth. This was considered golden years of labor productivity, and during this time the growth of labor productivity was around 2.8% annually. b. 1973-1982 is a definable period for the slowest growth of labor productivity. c. 1982-1995 is a definable period with an annual growth rate of 1.8%
First, output per unit of land increased. Second, technological improvements that took place during the course of agricultural growth enhanced labour intensity. And third, output per head of labour also increased. The first is probably the most …
Labor productivity is the output that each employed person creates per unit of his or her time. The easiest way to understand labor productivity is to imagine a Canadian worker who can make 10 loaves of bread in an hour versus a U.S. worker who in the same hour can make only two loaves of bread.
The main determinants of labor productivity are physical capital, human capital, and technological change. These can also be viewed as key components of economic growth. Physical capital can be thought of as the tools workers have to work with.
Sustained long-term economic growth comes from increases in worker productivity, which essentially means how well we do things. In other words, how efficiently does a nation use its workers and other resources? Labor productivity is the output that each employed person creates per unit of his or her time. The easiest way to understand labor productivity is to imagine a Canadian worker who can make 10 loaves of bread in an hour versus a U.S. worker who in the same hour can make only two loaves of bread. In this fictional example, the Canadians are more productive. Being more productive essentially means you can do more in the same amount of time. This in turn frees up resources to be used elsewhere.
Physical capital can affect productivity in two ways: (1) an increase in the quantity of physical capital (for example, more computers of the same quality); and (2) an increase in the quality of physical capital (same number of computers but the computers are faster, and so on). Human capital is the accumulated knowledge (from education ...
Technology, as economists use the term, however, includes still more. It includes new ways of organizing work, like the invention of the assembly line, new methods for ensuring better quality of output in factories, and innovative institutions that facilitate the process of converting inputs into output.
Multiple Choice Question. an increase in the quantity of labor and in productivity. an increase in technology and quality of physical capital that improves labor productivity. a decrease in labor productivity because fewer waiters are needed. Check Answer.
A production function is the process of turning economic inputs like labor, machinery, and raw materials into outputs like goods and services used by consumers. A microeconomic production function describes the relation between the inputs and outputs of a firm, or perhaps an industry.