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 calculate a country’s labor productivity, you would divide the total output by the total number of labor hours.
Detailed explanation-2: -Calculating Labor Productivity Overall employee labor productivity is calculated by dividing the goods and services produced by the total hours a company’s employees during a certain period of time.
Detailed explanation-3: -You can measure employee productivity with the labor productivity equation: total output / total input. Let’s say your company generated $80, 000 worth of goods or services (output) utilizing 1, 500 labor hours (input). To calculate your company’s labor productivity, you would divide 80, 000 by 1, 500, which equals 53.
Detailed explanation-4: -Labour productivity is the measure of how much output is produced per unit of labour input, for instance, per worker. Higher productivity means that a business produces more output for each worker it employs. Productivity is important because it is a key determinant of living standards in the long term.
Detailed explanation-5: -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.