lews Analysis - The Most Important Economic Indicator raded Assignment | Due Sun
ID: 2439422 • Letter: L
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lews Analysis - The Most Important Economic Indicator raded Assignment | Due Sunday 07.22.18 at 11:00 P Attempts Do No Harm: /1 2. Measuring nominal growth in labor productivity It is easier to understand the wide-ranging effects that productivity growth has on standards of living if you see exactly how productivity growth is measured. Labor productivity is one of several productivity measures. All of these productivity measures are ratios of output to input for some sector in the economy. This article refers explicitly to labor productivity, which is the ratio of total output (or total value added) to total hours worked. This table shows total nominal output (or total value added) in the United States from 1950 to 2010, together with total hours worked. (See the section, Other Resources, later in this news analysis for information about the source of these data.) It also shows the ratio of nominal output to hours worked. Calculate nominal output per hour worked in 2010 and select the correct value to complete the table below. Year 1950 1960 1970 Nominal Output (Billions of dollars) 313 524 1,053 Labor (Billions of hours worked) 116 Nominal Output Divided by Labor Input (Dollars per hour worked) 128 148Explanation / Answer
In 2010;
Nominal output divided by labor input = 14414/238 = 60.56 = 61
Correct option is 61.
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