Refer to the Article Summary. Labor productivity in the UK was well below the productivity in five of the other G7 nations, only faring better than Japan.. Labor productivity is important for an economy because an increase in labor productivity

A) allows the average consumer to increase consumption.
B) will create short-run, but not long-run, economic growth.
C) will increase output and decrease wages in the long run.
D) will increase the labor force participation rate.

A

Economics

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GDP does not account for things we do not value or like, and these things are called "economic bads."

Indicate whether the statement is true or false

Economics

Assume the elasticity of of supply for a particular good has been estimated to equal 1.8. In this case, a 10 percent increase in product price would cause the quantity supplied to:

A) decrease by 1.8 percent. B) increase by 1.8 percent. C) decrease by 18 percent. D) increase by 18 percent.

Economics