Which of the below statements in INCORRECT about "labor productivity"? A) Economies that produce with more labor-hours and less technology and physical capital have higher labor productivity and are richer economies. B) Labor productivity is the output produced per one unit of worker-time. The unit of time commonly used to calculate labor productivity is one hour. C) Higher labor productivity implies a higher standard of living. D)An economy's output or GDP increases as its labor productivity increases. E) Labor productivity is higher in more industrially advanced technologically efficient economies, than in poor, less-developed, technology-strapped economies.
Which of the below statements in INCORRECT about "labor productivity"? A) Economies that produce with more labor-hours and less technology and physical capital have higher labor productivity and are richer economies. B) Labor productivity is the output produced per one unit of worker-time. The unit of time commonly used to calculate labor productivity is one hour. C) Higher labor productivity implies a higher standard of living. D)An economy's output or GDP increases as its labor productivity increases. E) Labor productivity is higher in more industrially advanced technologically efficient economies, than in poor, less-developed, technology-strapped economies.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Which of the below statements in INCORRECT about "labor productivity"?
A) Economies that produce with more labor-hours and less technology and physical capital have higher labor productivity and are richer economies.
B) Labor productivity is the output produced per one unit of worker-time. The unit of time commonly used to calculate labor productivity is one hour.
C) Higher labor productivity implies a higher standard of living.
D)An economy's output or
E) Labor productivity is higher in more industrially advanced technologically efficient economies, than in poor, less-developed, technology-strapped economies.
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