Define worker-hours and labor productivity. What factors are behind labor productivity?
Please provide the best answer for the statement.
Worker-hours is the measure of work defined as the number of workers multiplied by the amount of time they work in a particular time period for example, a year. Labor productivity is real output per worker-hour; that is, the value of real output divided by the number of worker-hours.
Productivity is determined by technological progress, the amount and quality of capital goods per worker, the quality of labor itself, and the efficiency with which inputs are allocated, combined, and managed.
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The permanent-income hypothesis can reconcile the cross-section and time-series consumption studies by incorporating the reasonable assumption that at any one time many people are poor because they have ________ transitory income, causing them to
have an unusually ________ saving ratio. A) positive, high B) positive, low C) negative, high D) negative, low