ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, I understand this from the notes
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No, I don’t understand this from the notes
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No, I don’t understand this, as I have not read the notes
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None of the above
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Detailed explanation-1: -To measure labor productivity we prefer to compare the number of hours worked to the output produced during that time. Some countries, including the United States, collect data on hours worked, making it possible to measure output per hour worked.
Detailed explanation-2: -The labor productivity ratio is calculated by dividing output by input. For example, if a company produces 100 widgets in one hour and there are 10 workers working that hour, the labor productivity ratio would be 10010, or 10 widgets per worker.
Detailed explanation-3: -Labour productivity measures the amount of goods and services produced by each member of the labour force or the output per input of labour. It can be measured in a variety of ways.
Detailed explanation-4: -One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. This measure captures the use of labour inputs better than just output per employee.