Final Answer:
Labor productivity is measured by dividing total output by the total number of labor hours.
Changes in labor productivity significantly impact the U.S. standard of living, as increased productivity can lead to higher wages, economic growth, and improved living standards.
Step-by-step explanation:
Labor productivity is quantified by dividing the total output of goods and services by the total number of labor hours required to produce them. This formula, output per hour worked, provides a key metric for assessing the efficiency and effectiveness of the workforce.
Changes in labor productivity play a pivotal role in determining the U.S. standard of living. When productivity increases, businesses can generate more output with the same amount of labor, leading to economic growth. This growth often translates into higher wages for workers, contributing to an improvement in the standard of living. Additionally, increased productivity can foster innovation and technological advancements, further enhancing living standards through access to new and improved products and services.