Multifactor Productivity and Its Growth Growth in productivity is a key factor determining a nation's overall economic growth.
Title: Bureau of Labor Statistics: Multifactor Productivity Trends
Navigation: Use the link at www.econtoday.comichap09 to visit the multifactor productivity home page of the Bureau of Labor Statistics.
Application Read the summary, and answer the following questions.
What does multifactor productivity measure? Based on your reading of this chapter, how does multifactor productivity relate to the determination of economic growth?
For Group Study and Analysis Divide the class into three groups to examine multifactor productivity data for the private business sector, the private nonfarm business sector, and the manufacturing sector. Have each group identify periods when multifactor productivity growth was particularly fast or slow. Then compare notes. Does it appear to make a big difference which sector one looks at when evaluating periods of greatest and least growth in multifactor productivity?