To describe: The percentage by which the labor productivity grows in different countries.
Answer to Problem 1TY
Labor productivity growth rate of each country are-
Country A = 0.2
Country B = 0.4
Country C = 0.5
Country D = 0.2
Yes, country C has the highest productivity growth rate when the initial productivity is lower.
Explanation of Solution
The table showing the labor output per hour for different countries can be given as follows:
| Country | Output per hour | |
| 2004 | 2014 | |
| A | 40 | 48 |
| B | 35 | 35 |
| C | 3 | 3 |
| D | 0.5 | 0.6 |
The formula for calculating the labor productivity growth rate is
In case of Country A, given values are substituted
Labor productivity growth of Country B can be calculated as
Labor productivity growth of Country C can be calculated as
Labor productivity growth of Country D can be calculated as
Productivity can be calculated as the amount of
Introduction:
GDP represents Gross Domestic Product. It can be defined as the market value of all the finished goods that are produced in a given period in a country. GDP may be measured periodically but is typically performed annually. The Nominal GDP, Real GDP, GDP growth rate and GDP per capita are various types of GDP statistics.
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