The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

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Answer 1

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Students have asked these similar questions

Why is productivity important for the economy?

Consider a simple economy whose only industry is fishing. In this industry, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Natural Resources Technological Knowledge Human Capital Physical Capital Examples per Worker per Worker per Worker A route fishing boats can follow to maximize their catch at different points in the day The skills workers develop through training before working on and piloting boats The boats in the fishing fleet The fertile waters in which the fish feed and breed

Go to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.

Answer 2

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Answer 3

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Answer 4

Question

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

Answer 6

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.

Answer 7

Chapter 1, Problem 1RQ

To determine

The way of total output and output per worker changed over time in the United States and the way it affected the lives of typical people.

Answer 8

Expert Solution & Answer

Explanation of Solution

Labor productivity refers to the output per unit of labor input.

Unit labor costs, on the other hand, refer to labor cost per unit of output.

Unemployment occurs when workers who want to work are unable to find jobs.

According to the Department of Labor, U.S. productivity growth was fairly strong in the 1950s but then declined in the 1970s and 1980s before rising again in the second half of the 1990s and the first half of the 2000s.

The rate of productivity measured by the change in output per hour worked averaged 3.2% per year from 1950 to 1970 which dropped to 1.9% per year from 1970 to 1990 and then climbed back to over 2.3% from 1991 to the present with another modest slowdown after 2001.

A fall in total output leads to employment loss because lower output requires a smaller number of people. Hence, people were affected due to a loss in total output.