In 2015, approximately 59 percent of the adult population (250 million) was employed, among the lowest employment rates in 20 years. If the employment rate increased to the prerecession level of 62 percent, a. How many more people would be working? million b. By how much would output increase if GDP per worker was $100,000? billion
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- Suppose that real GDP in 2018 is $245,676 million and the population in 2018 is 4.8 million. Real GDP per capita in 2018 isCould a country experience a fall in population and a rise ib real gdp at the same timeWhat’s special about the numeraire in an economy? A. It’s used to calculate constant growth rate in per-capital GDP B. It’s only used in the income approach of measuring GDP C. It determines the level of factor productivity in the Cobb-Douglas function D. Its value is used to measure the prices of all other goods and services
- What is the value added at each stage stage 1 stage 2 stage3 stage 4 how much does this output contribute to GDP? how much would the output contribute to GDP if the lumber were imported from Canada?Q.1.3 In the base year, a country produced 50 units of output at a price of R6,00 eachfor a nominal GDP of R300. This year it produces 60 units of output at a price ofR8,00 each. What is the percentage change in real GDP since the base year?(2)(a) 5%;(b) 10%;(c) 20%;(d) 15%.In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. What are the equilibrium real wage rate, labor productivity, and potential GDP in 2019? In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. Does the standard of living in this economy increase in 2019? Explain why or why not. Suppose the following data describe a nation's population: Year 1 Year 2 Population 300 million 305 million Labor force 150 million 160 million Unemployed 7 million 7.2 million a. What is the unemployment rate in each year? How has the number of unemployed changed from year 1 to year 2 (must give the specific amount of change)? How is this apparent discrepancy between (a) and (b) explained?
- The capital stock growth has been estimated as 2%. In the second period, those average growth rates are for GDP -2%, for employment -1%, and for capital stock -3%. How can you explain the capital stock and employment negative growth rates in the second period? Also, explain and comment on the difference of TFP contributions to GDP growth in the first and second periods.Real GDP in 2015 was SAR 12,247 billion. It was SAR13,206 billion in 2018. The population of Saudi Arabia increased from 22.9 million to 25.4 million over this time. a. Determine the actual GDP per person for 2015 and 2018. How much did output per individual increase throughout this time, on average? b. What would real GDP have been in 2018 if real GDP had increased by 3% year from -2015 to 2018?The Importance of Productivity Two well-known economists, William Baumol and Alan Blinder, have stated that, in the long run, “nothing contributes more to reduction of poverty, to increases in leisure, and to the country’s ability to finance education, public health, environmental improvement and the arts” (1991, 356) than the rate of growth of productivity. 1. Define productivity. 2. See if you can verify Baumol and Blinder’s very strong claim (“nothing contributes more ...”) through the following exercise. Assume GDP in the United States is $10 trillion and that the labor force remains constant in size and fully employed. Estimate the value of GDP in one year’s time if productivity growth is 3%. What if it were only 2%? How much will GDP fall in two years’ time if productivity growth remains at 2% rather than 3%? In three years? 3. Why might environmental regulation reduce productivity growth? 4. Why might it increase…
- discuss why do national income and personal income differ, what happened during economics growthAssume that this economy produces only two goods Good X and Good Y. If year 2 is the base year, the value for this economy's real GDP in year3 is: A- = 2000 B- = 2500 C- = 3600 D- = 3750 Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is: A- = 100 B- =121 C- = 130 D- =150 Assume that this economy produces only two goods Good X and Good Y.An increase in the amount of human capital in the economy will ["decrease", "remain unchanged", "increase"] the productivity of labor. As a result, average real income in the economy will["decrease", "increase", "remain unchanged"] . PreviousNext
