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- What are the current productivity trends in Australia?With reference to a Cobb-Douglas production function, if a country has a declining labor share that is expected to continue in the future, does that imply that the country will experience faster economic growth (growth in GDP per capita) in the future?Even though the size of the US labor force is nearly double that of Bangladesh, Bangladesh is characterized as a labor-abundant country. Explain why. Despite being labor-abundant, Bangladesh mainly exports ready-made garments (RMG), which many regard as capital-intensive. How would you explain this apparent paradox?
- Countries with a reliance on exports is likely to show a correlation of export growth to equity returns Low, high High, Low High, high Low, lowConsider Table 1 above. Which country's labor force has a lower productivity? A) Uruguay B) Paraguay C) Uruguay and Paraguay labor forces that are equally productive. D) impossible to say.Please assist with the calculation of the growth rate and market basket questions
- What is the terms-of-trade effect of growth? What is the wealth effect of growth? How can we measure the change in the welfare of the nation as a result of growth and trade when the nation is too small to affect relative commodity prices? When the nation is large enough to affect relative commodity prices?In a farway country, banana is the most important crop exported to rest of the world. Data about economic indicators for farway country are given in Table 1. In recent years, a life style change, leading to more consumption of processed food, than raw food has led to reduction in demand for Bananas for consumption. Since the manufacturing sector in FarwayCountry is not developed, the country has to import most of its processed food needs, leading to increase in imports.The Government of Farwaycountry is contemplating inviting foreign investors to establish industries to manufacture banana products such as candies, marshmallows, chips, cookies etc. to give boost to manufacturing sector in the economy. Mr. Brown runs Candie Floss inc., a leadingcompany from Australia that manufactures candies, and sells across the world. Mr. Brown is approached by the External Affairs Minister of Farway Country, inviting him to set up his unit in Farway Country. Mr. Brown is looking for some advice,…Imagine two countries, i and j. You have the following information: si = 2 sj hi= hj 2Ai = Aj What can you infer about long-run income per worker differences between these countries? Explain formally.
- What actions could the government take to increase labor productivity? Name twois it true or false that the growth rate of the GDP per worker for an economy where the capital to output ratio is constant represent the long run economic growth? whyConsider a country where per capita GDP (Y/L) is 1/4 of the one in the US and the capital per worker (K/L) is 1/8 of the one in the US. According to the production model from the lecture (with Cobb-Douglas production function and capital share equal to 1/3) the country's TFP relative to US TFP is equal to 1/2 2 1/32 1/4