Homework Answers
labor productivity = Real GDP / No. of workers
Labor productivity (LP) of :
Italy :
LP = 1950,049 / 24.74 = 78,821.7
Austria:
LP = 354,234 / 4.13 = 85,770.9
Norway :
LP = 306,411 / 2.65 = 115,626.8
Sweden;
LP = 390,406 / 4.60 = 84,870.9
Republic of Korea :
LP = 1506,004 / 24.24 = 62,128.9
So the countries from highest to lowest in terms of labor productivity :
Norway
Austria
Sweden
Italy
Republic of Korea.
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