Question

The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as

A) human capital.
B)labor productivity.
C)real GDP.
D)technology.

Answer 1

Labor productivity is the quantity of goods and services that can be produced by one worker or by one hour of work. It is influenced by advancements in technology and improvements in human capital.

Step-by-step explanation:

Labor productivity is the quantity of goods and services that can be produced by one worker or by one hour of work. It is a measure of how efficiently a worker can produce output. Increases in labor productivity can be achieved through advancements in technology and improvements in human capital.

Technology refers to the tools, equipment, and machinery that workers have access to. For example, using word processing software on a laptop can increase productivity compared to using a typewriter. Technological advancements, such as GPS technology and Universal Product Codes, have also improved a nation's ability to produce goods and services.

Human capital refers to the knowledge, education, and skills of workers. Increasing human capital through vocational or higher education can lead to higher levels of productivity. For example, workers with more knowledge and skills can perform tasks more efficiently.