Chapter 17. Labor Productivity: Wages, Prices, and Employment. 1. The Productivity Concept. Total product (real GDP). Labor Productivity. =. Number of worker hours. Productivity can be calculated using data from different years to form an index of productivity relative to a base year.
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Labor Productivity: Wages, Prices,
manufacturing sector, 1987-2010
1. Describe and explain the cyclical changes that occur in labor productivity. Of what significance are these changes?
1. How do you account for the close correlation between changes in the rate of productivity growth and changes in the real wage rates for the economy as a whole? Does this relationship also hold true on an industry-by-industry basis? Explain.