Which of the following is not true about productivity? A. Productivity is an indicator of the efficiency of production or distribution. B. Total output divided by total labor hours in the year gives us a measure of labor productivity. C. The productivity of a whole economy is measured by calculating the total import by the economy in one year.

Which of the following is not true about productivity? A. Productivity is an indicator of the efficiency of production or distribution. B. Total output divided by total labor hours in the year gives us a measure of labor productivity. C. The productivity of a whole economy is measured by calculating the total import by the economy in one year.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 1PA

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In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million. In 2000, Denmark had 3 GDP of 160 billion (measured in U.S. dollars} and a population of 5.3 million. By what percentage did Denmarks GDP per capita rise between 1980 and 2000?
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The 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 above
Which of the below statements in INCORRECT about "labor productivity"? A) Economies that produce with more labor-hours and less technology and physical capital have higher labor productivity and are richer economies. B) Labor productivity is the output produced per one unit of worker-time. The unit of time commonly used to calculate labor productivity is one hour. C) Higher labor productivity implies a higher standard of living. D)An economy's output or GDP increases as its labor productivity increases. E) Labor productivity is higher in more industrially advanced technologically efficient economies, than in poor, less-developed, technology-strapped economies.
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Explain the important factors that stimulate the growth of economy