Question

For the economy as a whole, productivity equals: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices a. rate of growth of the real GDP. b. real GDP divided by the number of people working. c. the number of years it takes for a variable to double. d. number of people in the workforce.

Answer 1

The answer is B. real GDP divided by the number of people working

Step-by-step explanation:

Productivity is a measure of efficiency.

Productivity is the efficient use of factors of production e.g land, capital etc. in the production of various goods and services. Higher productivity means higher output in volume and quality of goods from the same input.

GDP per hour worked is a measure of labour productivity. Labor productivity is real GDP divided by the number of people working.