Implications in economy by less workers

Reference no: EM1368312

Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers? What are the implications in our economy of more output being produced by less workers?

Reference no: EM1368312

Questions Cloud

Option valuation report : Value Joseph's option position based on Black-Scholes method and analysis needs cover details behind the standard Black - Scholes method and explain detailed adjustment made to the standard BS method

Examine purchasing power of workers : The New York Times cost $0.15 in 1970 and $0.75 in 2000. Average wage in manufacturing was $3.23 a hour in 1970 and $14.32 in 2000.

Calculating nominal gdp : The table above demonstrate the prices and quantities of 2-goods produced in a country in 2006 and 2007. These are the only goods produced in the country.

Determine percentage of inflation tax : If the government increases the money supply by 50 percent, and velocity of money and real GDP remain constant

Implications in economy by less workers : In October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4%.

Explain growth maximisation model of morris : Describe critically growth maximisation model of morris - Grade Level : Post Graduate Level

Determining total value : A philanthropist working to set up a permanent endowment wants to deposit money each year, starting now and making ten more deposits,

Calculate changes in real gdp : In 1929 and 1933, GDP measured in current prices fell from $96 billion to $48 billion. Over the same period, relevant price index fell from 100 to 75.

Explain what are needs of employees and their families : Explain What are needs of employees and their families and How do we protect them and What are needs for protecting our organization?

User Account

All Pages