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Question
based on a countrys aggregate production function, an increase in human capital and physical capital would also increase the aggregate production function. only improvements in technology increase the aggregate production function. population or workforce is the most important component of the aggregate production function. all components of the aggregate production function have to increase for the aggregate production function to increase. question 6 (2 points) productivity is measured as an increase in the gdp of a nation. the dollar value of a workers hour of work. the change in total production over time. the number of hours of work per month per worker.
Productivity is a measure of how efficiently resources are used in production. It is calculated as the output (goods and services) produced per unit of input (such as labor - hours). The dollar value of a worker's hour of work is a way to measure productivity as it relates the value of output (in dollars) to the input of labor (in hours).
An increase in GDP is a measure of overall economic growth, not directly productivity. The change in total production over time is more about growth rather than productivity (which is output per unit input). The number of hours of work per month per worker is an input measure, not a productivity measure.
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The dollar value of a worker's hour of work.