ECONOMICS
AGGREGATE DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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average output per unit of labor.
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average input per unit of labor.
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overage output per capita.
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average output per unit of currency
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Detailed explanation-1: -Average product (AP), also called average product of labor (APL), is total product (TP) divided by the total quantity of labor. It is the average amount of output each worker can produce.
Detailed explanation-2: -Productivity is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services.
Detailed explanation-3: -Productivity is commonly defined as a ratio between the output volume and the volume of inputs. In other words, it measures how efficiently production inputs, such as labour and capital, are being used in an economy to produce a given level of output.
Detailed explanation-4: -Labour productivity is defined as output produced per unit of labour input.