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Chapter 14: Problem 5

Which statement is true? (LO2) a) Productivity is output per unit of input. b) Productivity is input per unit of output. c) Productivity is neither of the above.

Short Answer

Expert verified
a) Productivity is output per unit of input.

Step by step solution

01

Define Productivity

Productivity is defined as the measure of how efficient a process is, by comparing the amount of output produced with the quantity of input used. It is usually expressed as output per unit of input.
02

Analyze the statements

Now that we have an understanding of productivity, let's examine the given statements: a) Productivity is output per unit of input. b) Productivity is input per unit of output. c) Productivity is neither of the above.
03

Choose the correct statement

Considering our definition of productivity from Step 1, we can identify that statement (a) aligns with the definition: "Productivity is output per unit of input." Therefore, the correct answer is: a) Productivity is output per unit of input.

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Most popular questions from this chapter

Automation will raise the level of employment if the (LO5) a) output effect is equal to the substitution effect b) output effect is greater than the substitution effect c) substitution effect is greater than the output effect

A firm will try to be in each of these situations except (LO6) a) MRP of capital = Price of capital b) MRP of land/Price of land \(=1\) c) \(1-\) Price of labor \(=\) MRP of labor d) MRP of land/Price of land = MRP of labor/Price of labor

The most important influence on a firm's demand for a factor of production is (LO4) a) the quantities of other resources b) the prices of other resources c) its productivity d) the demand for the final product

The most effective way to increase the productivity of labor would be to (LO4) a) increase capital b) increase labor c) lower capital d) shift workers from white-collar work to bluecollar work

Derived demand is the demand for (LO1) a) final goods and services b) resources c) final goods as well as services and resources d) neither final goods and services nor resources
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