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Chapter 20: Q 15. (page 496)

How is GDP per capita calculated differently from

labor productivity?

Short Answer

Expert verified

Because of the varied nature of labor productivity which is not fixed and stable.

Step by step solution

01

Step 1. Definition

Worker’s productivity also known as workforce productivity is defined as an evaluation or appraisal of the efficiency of a worker or a group of workers.

Gross domestic product (GDP) is referred to as the economic value of all finished goods and services manufactured within a nation during a fixed period of time.

02

Step 2. Explanation

There is always a dilemma in that the worker's income and the amount a worker can produce are not always exactly the same, so these numbers that’s why differ.

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Most popular questions from this chapter

Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in girls’ education.

How much should a nation be concerned if its

rate of economic growth is just 2% slower than other

nations?

What sorts of policies can governments implement to encourage convergence?

Would the following events usually lead to capital deepening? Why or why not?

  1. A weak economy in which businesses become reluctant to make long-term investments in physical capital.
  2. A rise in international trade.
  3. A trend in which many more adults participate in continuing education courses through their employers and at colleges and universities.

Are there other ways in which we can measure productivity besides the amount produced per hour of work?
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