Because of technological change,oil companies like Chevron were able to produce almost twice as much output from refineries in 2016 as in 1950 while using 60 percent fewer workers.This represents ________ in output per worker,which is also known as ________.

Question

Quizplus · Accepted Answer

The statement indicates that Chevron was able to produce almost twice as much output from refineries (increase in output) while using 60 percent fewer workers (decrease in labor input). Therefore, there was an increase in output per worker, which is commonly known as labor productivity. Choice B is incorrect because there is no indication of job losses due to technological change leading to structural unemployment. Similarly, choice C (crowding out) and choice D (capital growth) are irrelevant to the given information.

Because of Technological Change,oil Companies Like Chevron Were Able to Produce