ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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T
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F
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Either A or B
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None of the above
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Detailed explanation-1: -The level of productivity is the ratio of output to inputs. (For labor productivity, the input is only labor, for other measures of productivity, the input is an index of combined inputs.)
Detailed explanation-2: -Using the following labor productivity equation, you can measure employee productivity: total output /total input. Suppose your company generated $50, 000 worth of products (output) while utilizing 1, 000 labor hours (input); the labor productivity can be calculated by dividing 50, 000 by 1, 000, which equals 50.
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: -Generally, productivity is calculated by using the following formula: total output/total input. You can choose to measure productivity in two ways: partial factor productivity and multifactor productivity.