Sia
Question
Statistics
Posted 10 months ago
Which of the following measures is typically used to approximate the productivity of an individual unit of labor in a country?
Choose 1 answer:
(A) Nominal GDP
(B) The consumer price index (CPI)
(c) Real GDP
(D) The unemployment rate
(E) Real GDP per capita
Sign in to unlock the answer
Answer from Sia
Posted 10 months ago
Solution by Steps
step 1
Identify the measure that reflects the productivity of an individual unit of labor
step 2
Understand that productivity is typically measured by the output per unit of input
step 3
Recognize that Real GDP per capita is a measure of the average economic output per person, which can be used as a proxy for the productivity of labor
step 4
Note that Nominal GDP does not account for price level changes, CPI is a measure of inflation, Real GDP measures the total output without considering population, and the unemployment rate is not a measure of productivity
Answer
E
Key Concept
Productivity Measure
Explanation
Real GDP per capita is typically used to approximate the productivity of an individual unit of labor because it reflects the amount of economic output per person, adjusting for price level changes.
Not the question you are looking for? Ask here!
Enter question by text
Enter question by image
Unlock Smarter Learning with AskSia Super!
Join Super, our all-in-one AI solution that can greatly improve your learning efficiency.
30% higher accuracy than GPT-4o
Entire learning journey support
The most student-friendly features
Study Other Question