EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 6.7, Problem 3MQ
To determine
To comment on the given historical changes in labor productivity.
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Which of the following explanations have been offered as reasons for this change in productivity? Check all that apply.
A. Advances in information technology
B. Lagging investments
C. Inadequate workforce skills
(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? (Refer to Exhibit 6 in the chapter.)
For a given level of technology, the level of labor productivity would increase in all of the following situations except when:
A. there is an increase in natural resources per worker
B. there is an increase in human capital per worker
C. there is an increase in physical capital per worker
D. there is an increase in labor
Chapter 6 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 6.2 - Prob. 1TTACh. 6.2 - Prob. 2TTACh. 6.2 - Prob. 1MQCh. 6.2 - Prob. 2MQCh. 6.3 - Prob. 1TTACh. 6.3 - Prob. 2TTACh. 6.3 - Prob. 1MQCh. 6.3 - Prob. 2MQCh. 6.4 - Prob. 1TTACh. 6.4 - Prob. 2TTA
Ch. 6.5 - Prob. 1MQCh. 6.5 - Prob. 2MQCh. 6.5 - Prob. 3MQCh. 6.6 - Prob. 1TTACh. 6.6 - Prob. 2TTACh. 6.7 - Prob. 1MQCh. 6.7 - Prob. 2MQCh. 6.7 - Prob. 3MQCh. 6.7 - Prob. 4MQCh. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - Prob. 6.1PCh. 6 - Prob. 6.2PCh. 6 - Prob. 6.3PCh. 6 - Prob. 6.4PCh. 6 - Prob. 6.5PCh. 6 - Prob. 6.6PCh. 6 - Prob. 6.7PCh. 6 - Prob. 6.8PCh. 6 - Prob. 6.9PCh. 6 - Prob. 6.10P
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- What are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?arrow_forwardWhat two factors are the keys to determining labor productivity?the business cycle and the growth rate of real GDP the growth rate of real GDP and the interest rate technology and the quantity of capital per hour worked the average level of education of the workforce and the price levelarrow_forward(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?arrow_forward
- Which 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.arrow_forwardWhy does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?arrow_forwardShow how a fall in the matching efficiency technology can effect output, wages, the unemployment and vacancy rates. How could economists differentiate this from a fall in labor productivity if they could view the four above pieces of data over many years? [In other words, how would these two events produce different patterns in the data?]arrow_forward
- Which one of the following is not true for the process of long-run economic growth? A) Societies endowed with higher levels of human capital grow faster in the long run. B) Societies that save a larger fraction of national income are richer in the long run. C) In economies with a larger number of firms, the economy grows faster in the long run. D) Fertility is both a consequence and a cause of long-run economic growth.arrow_forwardAccording to an article by the Wall Street Journal, the U.S. is at risk of running out of occupational therapists, railroad engineers, mathematicians, machinists and other workers. As a result, In the next 10 to 15 years, we expect U.S. employers to demand more labour than will be available, which will, in turn, constrain overall economic growth. On the top of that, U.S. president Donald J. Trump has put executive orders to ban nationals of selected countries from entering the U.S. Meanwhile, the top economic analysts and leaders believe that the country is going to strengthen and tighten its immigration polices to a much greater extent in the coming days. a) Referring to the above extract, briefly state in a line what do you think will happen to the U.S. labour market. b) With the help of appropriate diagrams, graphically show and briefly comment on what will happen to the U.S. real wage rate, labour hours and real GDP, due to the changes in the U.S. labour market that you stated in…arrow_forwardAn increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forward
- Why does an increase in the labor force cause the Market Productivity of Capital to increase?arrow_forwardIn the production function, Total factor productivity = A = 3.5% Labor input = L = 0.75 Capital input = K = 1 – 0.75 = 0.25 Therefore, Y = 3.5% - {(0.25 × 2%) + (0.75 × 2%)} = 3.5% - (0.005 + 0.015) = 0.035 – 0.02 = 0.015 = 1.5% Answer: Contribution to growth by total factor productivity is 1.5%. Does this mean that labour contributes 75 per cent of the increased output? Explain.arrow_forwardExplain how each of the following contributed to fast or slow growth in labor productivity and to which era the factor most clearly applies (pre-1970, 1970s to 1995, 1995 to 2004, after 2004). 1. Increase in female labor-force participation 2. Completion of the interstate highway system 3. Retirement of the baby boom generation 4. Invention of the Internet and World Wide Webarrow_forward
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