ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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more workers will be employed
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total production will increase with the same number of workers
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average costs will stay the same
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fewer raw materials will be needed to produce the same level of output
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Detailed explanation-1: -With growth in productivity, an economy is able to produce-and consume-increasingly more goods and services for the same amount of work.
Detailed explanation-2: -Productivity also helps to motivate the workplace culture and boost moral, producing an even better company environment. More often than not, when a firm is highly productive, it eventually becomes successful, and because of this, incentives are bound to be made available to the employees.
Detailed explanation-3: -Productivity increases when more output is produced with the same amount of inputs or when the same amount of output is produced with less inputs. There are two widely used productivity concepts. Labour productivity is defined as output per worker or per hour worked.
Detailed explanation-4: -Ensures effective utilization of available resources by increasing the total volume of production and decreasing production cost. Reduces the price of products to be sold in the market and in providing good quality products to consumers. More items •13-Dec-2019