2. The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Quantity Productivity Year Real of labor of labor GDP 1 1000 $100 $. 1000 105 1100 105 1..Compute the economy's real GDP in each of the three years and enter them in the table

2. The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years. Quantity Productivity Year Real of labor of labor GDP 1 1000 $100 $. 1000 105 1100 105 1..Compute the economy's real GDP in each of the three years and enter them in the table

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...

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An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
Say that the average worker in Canada has a productivity level of 30 per hour while the average worker in the United Kingdom has a productivity level of 25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1 per year while worker productivity in the UK grows 3 per year. After five years, whiz) will have the higher productivity level, and by how much?
during the course of 20 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Bronscript Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2020 and 2040. Physical Capital Year (Tools per worker) 2020 18 2040 23 Year 2020 2040 Physical Capital (Tools per worker) 15 20 Hestiatia Labor Force (Workers) 60 60 Labor Force (Workers) 60 60 Output (Crates of copia) 3,600 4,320 Pelheim Output (Crates of copia) 1,800 3,240 Productivity (Crates per worker) Productivity (Crates per worker) Initially, the number of tools per worker was higher in Hestiatia than in Pelheim. From 2020 to 2040, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hestiatia to rise by a amount than productivity in Pelheim. This illustrates the effect.
What were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. Why have some countries reduced the gap between their incomes andthat of the United States and other countries failed to do so?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
Economics hello please help me with this question QUESTION T Suppose that x is growing at 5 percent a year, y is growing at 10 percent a year, and z is growing at minus 20 percent a year. What is the growth rate of LifL=xy O 0.02. O 0.06 O 0.15 O We do not have enough information. O 0.10.
6.5 Exercises Exercise 6.1 (Technological Progress and Long-Run Growth). Consider a Solow economy with population growth and technological progress. The evolution of the capital stock per efficiency unit of labor, denoted k1, is given by the law of motion (1+n)(1+ g)kt+1 = (1 – 8)kt +of(kt). Capital per efficiency unit of labor is defined as k, = Kt/(LEt), where Kt denotes the stock of physical capital, L, denotes population, and E is a tech- nological factor. Population grows at the rate n and the technological factor grows at the rate g. The subscript t denotes time, measured in years. The parameters d E (0, 1) and o > 0 denote, respectively, the depreciation rate of capital and the savings rate. The function f(k;) represents the produc- tion technology. Specifically, let Y, denote output and yt = Yt/(LEt) denote output per efficiency unit of labor. Then yt = f(kt). Assume that f(kt) = /k. 1. Find the steady-state stock of capital per efficiency unit of labor, de- noted k*, as a…
Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114
Canadian real GDP per capita is 50,097 (measured in constant 2017 USD, same for thefollowing numbers) in the year 2019 and 40,489 in the year 1999. Canadian real capital stockper capita is 226,225 in the year 2019 and 155,256 in 1999. Calculate the growth rate of GDPper capita in Canada for these two decades, as well as the contribution from productivitygrowth and that from capital accumulation. You can use a capital share α of 1/3.
is the single most important source of productivity. O Current saving O Equity Technological advancements O Current consumption