BM: 3-6 The Concept of Productivity

What is productivity?

• The measure of economic efficiency

• The total market value of all final goods and services produced in an economy

• The amount of goods and services produced per unit of input

• The measure of a country's population productivity

How is productivity calculated?

• By subtracting inputs from output

• By dividing output by inputs

• By adding up all the inputs

• By multiplying output by inputs

What is GDP?

• The measure of economic efficiency

• The measure of a country's population productivity

• The amount of goods and services produced per unit of input

• The total market value of all final goods and services produced in an economy

How is 'Per Capita GDP' calculated?

• By subtracting GDP from the population

• By adding up GDP and the population

• By multiplying GDP by the population

• By dividing GDP by the population

What are other productivity measures an economy uses to measure its performance and productivity?

• Labor force participation rate

• Unit labor costs

• Total payroll costs

• GDP growth rate

In Scenario 1, what is the productivity based on hours worked?

• $2.50

• $20

• $50

• $2.00

In Scenario 2, what is the productivity calculation per dollar of labor spent?

• $2.80

• $2.20

• $2.50

• $2.00

What is a CRM?

• Customer Resource Management System

• Customer Revenue Management System

• Customer Relationship Management System

• Customer Retention Management System

How else can companies increase productivity?

• Decreased job promotions

• Decreased employee training

• Decreased compensation and benefits

• Increased employee training

Why has the U.S. economy grown so much over the years?

• Due to decreased output and productivity

• Due to increased productivity and efficiency

• Due to increased labor costs

• Due to decreased productivity and efficiency