why do economist believe there is a strong correlation between productivity and the standard of living?

Read Eye on Potential GDP in the eText or click on the icon following exercise to open a copy. Then work the In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour, and people work an average of 34 hours per week. Explain the difference in the two labor markets. In the graph, draw the Korean demand for labor curve (label it LD,) and the Korean supply of labor curve (label it LS). Now mark the Korean labor market equilibrium. Draw the US demand for labor curve (label it LDus) and the U.S. supply of labor curve (label it Lus). Now mark the U.S. labor market equilibrium 65- 60+ 55+ so+ 45 40 Real wage rate (2012 dollars per hour) 35- 30- 25 20 15IA. 10 146 22 28 40 34 40 82 Labor (hours per worker per week) >>> Draw only the objects specified in the question Q G

From the World's Largest Economies 2016 visual, we can conclude which of the following to be the most true? A) China had the highest living standards in the world. B) People in Japan had higher living standards than people in Italy. C) The United States has had the highest living standards in the world for over a decade. D) There is no correlation between GDP and GDP per capita when measuring living standards.

An article in the Wall Street Journal observes: “For 2008, productivity grew an astounding 2.8% from 2007 even as the economy suffered through its worst recession in decades.” How is it possible for labor productivity to increase if output is falling?