Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 23.3, Problem 6RQ
To determine
Explain the effect of an increase in labor productivity on potential GDP, quantity of labor, real wage rate and potential GDP per hour of labor.
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What are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?
What are the two main factors that affect labor productivity?
Under what circumstances does labor productivity grow?
Chapter 23 Solutions
Macroeconomics
Ch. 23.1 - Prob. 1RQCh. 23.1 - Prob. 2RQCh. 23.1 - Prob. 3RQCh. 23.2 - Prob. 1RQCh. 23.2 - Prob. 2RQCh. 23.2 - Prob. 3RQCh. 23.3 - Prob. 1RQCh. 23.3 - Prob. 2RQCh. 23.3 - Prob. 3RQCh. 23.3 - Prob. 4RQ
Ch. 23.3 - Prob. 5RQCh. 23.3 - Prob. 6RQCh. 23.4 - Prob. 1RQCh. 23.4 - Prob. 2RQCh. 23.4 - Prob. 3RQCh. 23.5 - Prob. 1RQCh. 23.5 - Prob. 2RQCh. 23.5 - Prob. 3RQCh. 23 - Prob. 1SPACh. 23 - Prob. 2SPACh. 23 - Prob. 3SPACh. 23 - Prob. 4SPACh. 23 - Prob. 5SPACh. 23 - Prob. 6SPACh. 23 - Prob. 7SPACh. 23 - Prob. 8SPACh. 23 - Prob. 9APACh. 23 - Prob. 10APACh. 23 - Prob. 11APACh. 23 - Prob. 12APACh. 23 - Prob. 13APACh. 23 - Prob. 14APACh. 23 - Prob. 15APACh. 23 - Prob. 16APACh. 23 - Prob. 17APACh. 23 - Prob. 18APACh. 23 - Prob. 19APACh. 23 - Prob. 20APACh. 23 - Prob. 21APACh. 23 - Prob. 22APACh. 23 - Prob. 23APACh. 23 - Prob. 24APACh. 23 - Prob. 25APA
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Similar questions
- What determines how productive workers are? How do gains in labor productivity lead to gains in GDP per capita?arrow_forwardAn increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forwardWhy does an increase in the labor force cause the Market Productivity of Capital to increase?arrow_forward
- Define the term labor productivity?arrow_forwardWhy don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?arrow_forwardWhich of the following would not affect labor productivity, i.e. more output per unit of labor hour? Select one: a. When interest rates decrease and government spending increase. b. when labor is reallocated from less-efficient industries to more-efficient industries. c. when production is better organized and managed d. technological progress e. the health, training, education, and motivation of workers improve f. the quantity of capital goods available to workersarrow_forward
- Why 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_forwardWhich of the following does NOT influence the growth of labor productivity? discovery of new technologies saving and investment in physical capital population growth expansion of human capitalarrow_forward
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