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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 7
Use the following news clip to work Problem
U.S. Workers World's Most Productive
Americans work longer hours than those in other rich nations. Americans also produce more per person but only part of the U.S. productivity growth can be explained by the longer hours they work. Americans also create more wealth per hour of work. U.S. employees worked an average of 1,804 hours in 2006, compared to 1,564.4 for the French, but far less than the 2,200 hours that Asians worked. But in Asian countries the average labor productivity is lower.
What is the difference between productivity in this news clip and real GDP per person?
U.S. Workers World's Most Productive
Americans work longer hours than those in other rich nations. Americans also produce more per person but only part of the U.S. productivity growth can be explained by the longer hours they work. Americans also create more wealth per hour of work. U.S. employees worked an average of 1,804 hours in 2006, compared to 1,564.4 for the French, but far less than the 2,200 hours that Asians worked. But in Asian countries the average labor productivity is lower.
What is the difference between productivity in this news clip and real GDP per person?
Explanation
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Verified
In the news clip they use real GDP rathe...
Macroeconomics 11th Edition by Michael Parkin
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