EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 6.7, Problem 1MQ
To determine
To comment on the given historical changes in labor productivity.
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Which of the following explanations have been offered as reasons for this change in productivity? Check all that apply.
A. Advances in information technology
B. Lagging investments
C. Inadequate workforce skills
(Labor Productivity) Identify at least four definable periods of labor productivity growth beginning right after World War II. During which periods was productivity growth lowest and why? (Refer to Exhibit 6 in the chapter.)
Which of the following statements about labour productivity (Y/L), also known as the average product of labour are correct?
Select one or more:
a.
With a standard production function, if L falls, without any change in technology or capital, labour productivity must rise
b.
A rise in labour productivity at the same time as a rise in employment is logically impossible
c.
A rise in labour productivity must imply job losses
d.
If Y is fixed a rise in labour productivity must imply job losses
Chapter 6 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 6.2 - Prob. 1TTACh. 6.2 - Prob. 2TTACh. 6.2 - Prob. 1MQCh. 6.2 - Prob. 2MQCh. 6.3 - Prob. 1TTACh. 6.3 - Prob. 2TTACh. 6.3 - Prob. 1MQCh. 6.3 - Prob. 2MQCh. 6.4 - Prob. 1TTACh. 6.4 - Prob. 2TTA
Ch. 6.5 - Prob. 1MQCh. 6.5 - Prob. 2MQCh. 6.5 - Prob. 3MQCh. 6.6 - Prob. 1TTACh. 6.6 - Prob. 2TTACh. 6.7 - Prob. 1MQCh. 6.7 - Prob. 2MQCh. 6.7 - Prob. 3MQCh. 6.7 - Prob. 4MQCh. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - Prob. 6.1PCh. 6 - Prob. 6.2PCh. 6 - Prob. 6.3PCh. 6 - Prob. 6.4PCh. 6 - Prob. 6.5PCh. 6 - Prob. 6.6PCh. 6 - Prob. 6.7PCh. 6 - Prob. 6.8PCh. 6 - Prob. 6.9PCh. 6 - Prob. 6.10P
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Similar questions
- For a given level of technology, the level of labor productivity would increase in all of the following situations except when: A. there is an increase in natural resources per worker B. there is an increase in human capital per worker C. there is an increase in physical capital per worker D. there is an increase in laborarrow_forwardWhat 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?arrow_forwardShow how a fall in the matching efficiency technology can effect output, wages, the unemployment and vacancy rates. How could economists differentiate this from a fall in labor productivity if they could view the four above pieces of data over many years? [In other words, how would these two events produce different patterns in the data?]arrow_forward
- What two factors are the keys to determining labor productivity?the business cycle and the growth rate of real GDP the growth rate of real GDP and the interest rate technology and the quantity of capital per hour worked the average level of education of the workforce and the price levelarrow_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_forward(Labor Productivity) Identify at least four definable periods of labor productivity growth beginning right after World War II. During which periods was productivity growth lowest and why?arrow_forward
- For each of the following, identify which inputs into the production function changed(i.e., Physical Capital, Human Capital, or Labor). Also identify whether this phenomenon will increase or decrease economic growth.(a) The government increases federal aid for students to go to college.(b) States embark on a program to increase charging networks for electric cars.(c) A big chunk of the population decides to drop out of the workforce to spend moretime playing video games.arrow_forwardWhich of the following best describes what leads to an increase in labor productivity? Greater output per worker. More effective education per worker. An increase in the number of workers. An equal increase in technology and workers. All of the answers are correct.arrow_forwardWhy does an increase in the labor force cause the Market Productivity of Capital to increase?arrow_forward
- Which one of the following is not true for the process of long-run economic growth? A) Societies endowed with higher levels of human capital grow faster in the long run. B) Societies that save a larger fraction of national income are richer in the long run. C) In economies with a larger number of firms, the economy grows faster in the long run. D) Fertility is both a consequence and a cause of long-run economic growth.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_forwardWhat is one negative aspect of technology on productivity? Technology allows for more products to be made in a shorter amount of time. Technology allows companies to reduce the cost of making products. Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs. Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.arrow_forward
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