Part 8 a) What is average labour productivity? Explain how average labour productivity can impact economic growth measured in terms of RGDP per capita.
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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?How do gains in labor productivity lead to gains in GDP per capita?How is GDP per capita calculated differently from labor productivity?
- Describe some of the political and social tradeoffs that might occur when a less developed country adopts a strategy to promote labor force participation and economic growth via investment in girls education.Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional benefit more education can provide? Why or why not?31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor income
- Please list and explain 8 key points1) Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country’s ability to catch up with rich ones.b. Economist believe there is a strong correlation between productivity and the standard of living? Discuss.In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of livingDefine the term labor productivity?16. A person who returns to school to improve her computer skills is an example of an increase in physical capital. financial capital. the labour force. technological capital. human capital.
- Between 2012 and 2022, the nominal GDP of Wonderland grew, on average, by 7% per year while her GDP deflator increased by 6% per year. She recorded an average labour growth rate of 3% per annum. During this period, the Gini-coefficient changed from 0.445 to 0.412. Regarding the above period, what can you say about the changes in the overall economic performance of Wonderland, including her output level, labour productivity and income distribution? Briefly explain your answers.1. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country’s ability to catch up with rich ones. 2. Economist believe there is a strong correlation between productivity and the standard of living? Discuss. [HINT: In your answer, be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of living.]Gourmet Bangus can produce 800 bottled gourmet bangus in one-half with five (5) workers. What is the labor productivity?
