to the G7 average, the UK was 20% less productive per hour worked, and output was also 20% worse when measuredon a per worker basis. The productivity gap was the largest for the UK since estimates began in 1991. Workerproductivity was lower in all of the G7 nations in 2014 than it would have been had trends prior to the 2007-2009recession continued, with the productivity gap of 18 percent in the UK significantly higher than the 7% gap for theother G7 nations. In terms of output per hour worked, the UK was behind Germany, France, and the United States by32 to 33 percentage points.Source:ʺUKʹs poor productivity figures show challenge for government,ʺGuardian, September 18, 2015.24)Refer to the Article Summary. Labor productivity in the UK was well below the productivity infive of the other G7 nations, only faring better than Japan.. Labor productivity is important foran economy because an increase in labor productivityA) allows the average consumer to increase consumption.B) will create short-run, but not long-run, economic growth.C) will increase output and decrease wages in the long run.D) will increase the labor force participation rate.Answer: A24)Page Ref: 700-701/318-319Learning Outcome: Macro-4: Explain the sources of productivity growth.25)Refer to the Article Summary. ________ depend on increases in labor productivity.25)Page Ref: 700-701/318-319Learning Outcome: Macro-4: Explain the sources of productivity growth.5
26) Which of the following is an example of human capital?26)Page Ref: 701/319Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.27) Human capital refers to which of the following?27)Page Ref: 701/319Learning Outcome: Macro-1: Define macroeconomics and identify its basic concerns.
You've reached the end of your free preview.
Want to read all 5 pages?
- Summer '19
- Economics, Prime number, per capita, Page Ref