Consider a hypothetical small island nation in which the only industry is weaving. The following table displays information about the economy over a two year period. Complete the table by calculating physical capital per worker as well as 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 2035 2036 Physical Capital Labor Force Physical Capital per Worker Labor Hours (Looms) (Looms) 120 400 (Workers) 60 100 Based on your calculations, productivity from 2035 to 2036. (Hours) 3,300 3,500 Output Labor Productivity (Tapestries) (Tapestries per hour of labor) 23,100 49,000 in physical capital per worker from 2035 to 2036 is associated with Suppose you're in charge of establishing economic policy for this small island country. a decrease an increase in labor

Consider a hypothetical small island nation in which the only industry is weaving. The following table displays information about the economy over a two year period. Complete the table by calculating physical capital per worker as well as 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 2035 2036 Physical Capital Labor Force Physical Capital per Worker Labor Hours (Looms) (Looms) 120 400 (Workers) 60 100 Based on your calculations, productivity from 2035 to 2036. (Hours) 3,300 3,500 Output Labor Productivity (Tapestries) (Tapestries per hour of labor) 23,100 49,000 in physical capital per worker from 2035 to 2036 is associated with Suppose you're in charge of establishing economic policy for this small island country. a decrease an increase in labor

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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Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?
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?
Since the late 1950s, economists have performed â€œgrowthaccountingâ€ studies in the United States.These have determined that ________________ is typically the mostimportant contributor to U.S. economic growth. a)physical capital b)human capital c)technology d)a market orientation
The “graying of America” will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 56 years following 2016 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960–2016. Under this scenario, what would be the net change in real GDP per person between 2016 and 2072? Year Average labor productivity Share of population employed 1960 47,263 36.4% 2016 110,384 46.8% Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages.Real GDP per person in 2016: $51,660 (need help) Real GDP per person in 2072: $ (need help) Net change in real GDP per person between 2016 and 2072: $____________ , which is an increase of___________ % from 2016.
Which one of the following is not a determinant of productivity? A greater stock of labor. More human capital per worker. More physical capital per worker. Technological advancement. All of the answers are determinants of productivity.
Productivity is defined as the quantity ofa. labor required to produce a nation’s GDP.b. labor required to produce one unit of goods and services.c. goods and services produced from each unit of labor input.d. goods and services produced per unit of time.
Write the production function (human capital (H) being included in TFP) and explain the content of the each factor of production. Write the logarithmic form of this production function. It is observed that in a country in a given period of 20 years the average GDP growth rate has been 4%. However, it is observed that in this period the average GDP growth rate is 5% in the first 5 years and 3% in the last 5 years. How this difference in the average growth rates might be explained? In other words, why is the average GDP growth rate higher in the first 5 years than the average growth rate of the last 5 years?
To what extent have increases in U.S. real GDP resulted from more labor inputs? From higher labor productivity? Rearrange the following contributors to the growth of productivity in order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, technological advance.
Consider the economies of Sporon and Gobbledigook, both of which produce gobs of goo using only tools and workers. Suppose that, 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. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2015 and 2035. Sporon Year Physical Capital (Tools per worker) Labor Force (Workers) Output (Gobs of goo) Productivity (Gobs per worker) 2015 11 30 1,800 2035 16 30 2,160 Gobbledigook Year Physical Capital (Tools per worker) Labor Force (Workers) Output (Gobs of goo) Productivity (Gobs per worker) 2015 8 30 900 2035 13 30 1,620 Initially, the number of tools per worker was higher in Sporon than in Gobbledigook. From 2015 to 2035, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker…
Suppose you are given data on the rate of growth of GDP, capital, and labour, and the share of these two factors in GDP. How would you calculate the contribution of Total Factor Productivity to growth? Explain it verbally and formally.
Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (1)An increase in the number of machines used in production (2) An increase in the population growth rate (3) A new technological innovation
8. Question textWhich of the following is a determinant of productivity? a.Physical capital b.Tax c.Depreciation d.Interest 9. Which of the following criteria must be valid to be counted as unemployed? a.Currently not available for work b.Not seeking any work in the past 4 weeks c.Currently do not have a job but actively searching for it d.Not willing to take any job