Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 16, Problem 14E
To determine
State the difference between the total factor productivity and the productivity of labor. Reason behind the use of labor productivity as measurement for a nation's productivity.
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What correlation lies between productivity and the standard of living?
Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?
Give Some examples of different types of productivity measures?
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- Consider a simple economy whose only industry is fishing. In this industry, productivity is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents.arrow_forwardThe difference between output (production) and productivity is * output measures the level of production while productivity measures production per input productivity measures only the level of production while output measures production per input production and productivity are the same thing none of the abovearrow_forwardSay 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 Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?arrow_forward
- An increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forwardWhy does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?arrow_forwardWhat is productivity? Describe the factors of productivity. Answer must be correct. Answer Briefly.arrow_forward
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