Compare and contrast an industrial economy to a postindustrial economy. Please also give an example of a country that has an industrial economy and a country that has a post industrial economy.
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4. Compare and contrast an industrial economy to a postindustrial economy. Please also give an example of a country that has an industrial economy and a country that has a post industrial economy.
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- 4. How is GDP per capita calculated differently from labor productivity? 5. How do gains in labor productivity lead to gains in GDP per capita? 6. What is an aggregate production function? 7. What is capital deepening? 8. What do economists mean when they refer to improvements in technology? 9. For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low- income country such as Niger? 10. List some arguments for and against the likelihood of convergence. 11. 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, who will have the higher…8. When countries experience a rise in income over time which of the following sectoral changes is most likely to occur? A. The car manufacturing sector's output as a % of GDP will decrease B. The tourism sector's output as a % of GDP will increase C. The consumer electronics sector's output as a % of GDP will decrease D. The agricultural sector's output as a % of GDP will increase 7. The demand for coffee from a local coffee shop has an income elasticity of +0.6. After an 8% rise in average incomes the demand for the coffee sold by the coffee shop is expected to: A. Increase by 4.8% Decrease by 4.8% B. C. Increases by 13.3% D. Decrease by 13.3% 8. The diagram shows the market for second-hand cars in a recession when real incomes are falling. From the information in the diagram the most likely conclusion that can be made is: A. The price of new cars has fallen B. The price of second-hand cars has fallen C. The YED of second-hand cars is negative D. Second-hand cars are normal goods 9.…3. What is a modern sector?
- 50. Which of the following sectors of the economy has grown the fastest in the United States since the mid-1970s? (A) Service (B) Agriculture (C) Retail (D) Manufacturing (E) MilitaryQUESTION 10 Consider the scenario given in the table below for two economies, Economy X andEconomy Z. Note that the two economies are identical in every aspect except for their level of productivity (A). A Ko No In ak S Economy X Economy Z 20 15 10 1 0.15 0.3 0.1 10 1 0.15 0.3 0.1 The GDP of economy X in period 10 (i.e., Y10) is equal to (Round your answers to 1 decimal point.)Which of the following is not true about productivity? A. Productivity is an indicator of the efficiency of production or distribution. B. Total output divided by total labor hours in the year gives us a measure of labor productivity. C. The productivity of a whole economy is measured by calculating the total import by the economy in one year. D. Productivity refers to the amount of output that a given amount of inputs can produce.
- As GDP per person rises Select one: a.the number of children per family tends to fall. b.environmental quality falls and continues to fall. c.the incidence of child labour rises. d.the economy shifts towards more labour intensive industries.What is the term used to describe the transition of an economy from low - income to high - income status? A. Economic growth B. Economic development C. Industrialization D. Structural transformation4. How is GDP per capita calculated differently from labor productivity? 5. How do gains in labor productivity lead to gains in GDP per capita? 6. What is an aggregate production function?
- 1. Consider a simple example economy where there are three companies. Gelato Inc. is an Italian company that produces ice cream; it is located in St. Louis but owned by an Italian chemist who sends from time to time secret formulas for new flavors. Milky Way is a milk producer in the St. Louis area. Finally, Sweetyou is a sugar producer, also located in St. Louis. In 2019, Gelato Inc. produced and sold to consumers $500 worth of ice cream, using $50 of sugar and $100 of milk. It also paid $150 in wages and $50 in taxes. Milky Way produced $200 worth of milk. It sold $100 to Gelato Inc. and $100 to the consumers. It paid $100 in wages, $20 in interests on a previous loan, and $30 in taxes. Sweetyou produced $200 worth of sugar, of which $50 was sold to Gelato Inc., $100 was exported to France, and the remaining was unsold. Sweetyou paid wages for $100 and $40 in taxes. The government in this St. Louis based economy provides public services for which it employs labor and basic income for…1. Discuss the limitations of the use of the Gross Domestic Product(GDP) as a measurement of socio-economic development.Suppose a country's real GDP is $18 trillion and the population is 400 million. Instructions: Enter your answers as a whole number. a. What is this country's real GDP per capita? b. Suppose that during the next 10 years, real GDP doubles and the population triples. At the end of this 10-year period, what will be its real GDP per capita? 2$
