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Category > Economics Posted 05 Jun 2017 My Price 6.00

Labor productivity

Labor productivity is output per unit of labor. An increase in labor productivity is a source of economic growth. 

 

(a) Identify two sources of increase in labor productivity. 

 

(b) Assume that a country’s economy is at full employment. Productivity has been rising. Using a correctly labeled graph of aggregate demand and aggregate supply, show the long-run effect of the growth in productivity on each of the following. 

 

(i) Real output
(ii) Price level

 

(c) Assume that the economy produces only two goods, good X and good Y. Using a correctly labeled production possibility diagram, show the effect of the increase in labor productivity.

Answers

SuperTutor
(15)
Status NEW Posted 05 Jun 2017 07:06 AM My Price 6.00

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