A combined measure of productivity that takes account of both labor and capital productivity is known as ?
Correct answer: C. total factor productivity
- A. total exploitation
- B. labour/capital productivity
- C. total factor productivity
- D. total productivity
Explanation
Total factor productivity measures the efficiency with which the combined inputs of labour and capital produce output. It is broader than measuring labour or capital productivity separately.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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