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Sector-biased technological progress cannot explain that both skill premium and skilled labour intensity increase in an economy.
True
False
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- (Labor Productivity) Identify at least four definable periods of labor productivity growth beginning right after World War II. During which periods was productivity growth lowest and why?When more and more people join the labour force, the productivity growth increases. True FalseHuman labor is essential for economic growth. A highly educated labor force further stimulates economic growth. Additionally, a highly educated labor force can easily adapt to new working environments and conditions. In view of that, it is evident that education serves as the driving force for innovation of new products and services. Educated workers exchange ideas in the work place and come up with new ideas that help in the growth of the economy.
- During the course of the twentieth century, the average workweek in the United States has gotten shorter and Americans have enjoyed greater amounts of leisure time. How has this development affected potential GDP and labor productivity?All of the following lead to an increase in productivity except for a. an increase in physical capital b. an increase in the size of the labor force c. an advance in technological knowledge d. an increase in human capitalWhich of the following best describes what leads to an increase in labor productivity? Greater output per worker. More effective education per worker. An increase in the number of workers. An equal increase in technology and workers. All of the answers are correct.
- 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.Write the growth rate of output per capital Y/P in terms of growth rate of output per worker Y/N. (hint: define the population to employment ratio as dbar=1+d)We consider two countries A and B in a given period. It is observed that in the A and B the average growth of labour is equal (2%) according to employment statistics but the average GDP growth rates in A and B are respectively 5% and 4%. What are the alternative explanations of this GDP growth rate differences?
- Which of the following is an appropriate solution to the problem of slow real income growth among the unskilled workers in the United States? increasing society’s investment in education restricting exports of jobs restricting access toThe population growth rate increases by 10%. What would be the impact on the country's production function? Select one: a. movement upwards along the same curve a. movement upwards along the same curve b. movement downward along the same curve b. movement downward along the same curve c. remain unchanged c. remain unchanged d. shift outwards d. shift outwards e. shift inwardsLabour-saving technical progress meansa) that marginal productivity of capital increases.b) that marginal productivity of labour increases.c) that marginal productivity of both inputs increases.d) None of the above is correct.
