Average labour productivity is presently higher in Australia than it is in China yet during the 21stCentury, China has experienced much higher rates of economic growth compared to Australia.Explain possible reasons for this drawing on relevant evidence and examples to support your answer.

The productivity of labor is the number of products produced in a specified period of time by…

Answered: Average labour productivity is…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter7: Economic Growth: Theory And Policy

Section: Chapter Questions

Problem 2DQ

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Average labour productivity is presently higher in Australia than it is in China yet during the 21^stCentury, China has experienced much higher rates of economic growth compared to Australia.

Explain possible reasons for this drawing on relevant evidence and examples to support your answer.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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