Question

Over the long run, ____________ per hour is the most important determinant of the average wage level in any economy.

Answer 1

Productivity

Step-by-step explanation:

Over the long run, productivity per hour is the most important determinant of the average wage level in any economy.

Productivity measures output per unit of input, such as labor, capital or any other resource, it is calculated for the economy as a whole, as a ratio of gross domestic product (GDP) to hours worked. Labor productivity is broken down further by sector to examine trends in labor growth, wage levels and technological improvement. Corporate profits and shareholder returns are determimed by the rate of productivity growth.

Answer 2

Over the long run,productivity per hour is the most important determinant of the average wage level in any economy.

Step-by-step explanation:

Productivity is termed positive in terms of economics and the market as a whole, when the total number of products created are at its peak with a standard form of quality material that can satisfy the needs or requirements of the given customer segments that will generate more revenue.