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- In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million. In 2000, Denmark had 3 GDP of 160 billion (measured in U.S. dollars} and a population of 5.3 million. By what percentage did Denmarks GDP per capita rise between 1980 and 2000?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?The aggregate production function is y=3KL. If they are 30 units of capital and 40 units of labor, what is aggregate output? What is labor productivity? What is capital productivity?
- Consider a small island country whose only industry is fishing. The following table presents information about this small economy in two different years. Complete the table by calculating physical capital per worker and labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity (Fishing poles) (Workers) (Fishing poles) (Hours) (Fish) 2027 120 60 1x 3,000 21,000 3x 2028 400 100 2x 3,500 49,000 4x Based on your calculations, (an increase/a decrease) in physical capital per worker from 2027 to 2028 is associated with (an increase/a decrease) in labor productivity from 2027 to 2028. Suppose you're in charge of establishing economic policy for this small island country. Which…Suppose the 50% of the income generated by an economy is paid to workers, thus implying that the remaining 50% is paid to capital. If GDP grew by 4%, capital grew by 1%, and labor grew by 3%, then what was the growth rate in technology? (Record your answer as a whole number, and do not include a "%".)Question 4 Explain the determinants of productivity. (Word count: 250 words max.) Many countries import considerable amounts of goods and services from other countries. Yet economists argue that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts? (Word count: 250 words max.)
- Consider Table 1 above. What is Uruguay's GDP per capita? A) $1,998.34 B) $7,454.30 C) $11,332.02 D) $16,190.06In 2000 GDP per capita was 18.3, capital/output was 3.3, human capital was 4.8. In 2010 GDP per capita was 23.3, capital/output 5.7, human capital was 4.5. In both years the production function is Cobb-Douglas with a value for α of 0.4. What was the ratio of GDP per capita in 2010 to 2000 due *just* to the change in the capital/output ratio? Use 2 decimal places.According to the graph: Select one or more: a. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers.
- From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth rate of 7%. During this period, the GDP deflator changed from 120 to 145, and the Gini-coefficient changed from 0.671 to 0.608. Regarding the above period, what can you say about the changes in the overall economic performance, including labour productivity, general price level and income distribution from the above data? Briefly explain your answer.In 2000 GDP per capita was 14.2, capital/output was 3.5, human capital was 3.6. In 2010 GDP per capita was 20.3, capital/output 4.8, human capital was 4.4. In both years the production function is Cobb-Douglas with a value for alpha of 0.4. What was the ratio of GDP per capita in 2010 to 2000 due *just* to the change in the capital/output ratio? Use 2 decimal places.Between 1970 and 2005, China’s GDP per capita grew at an average rate of 7.3% per year while GDP per capita in the US grew at an average rate of 2.2%. In 2005, US GDP per capita was $36,806 and Chinese GDP per capita was $5,955. Assuming that the two countries continue to grow at these rates, in what year will China overtake the US in terms of GDP per capita?
