PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
7th Edition
ISBN: 9781260110920
Author: Frank
Publisher: MCG
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Chapter 7, Problem 4P
To determine
Determine the average labor productivity in 1980 and 2010.
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The following table shows levels of real income per person in several economies during the years 1960 and 2010. The table further shows the average annual growth rate for each economy over this time period. For instance, real income per person in Senegal was $1,567 in 1960, and it actually declined to $1,480 by 2010. Senegal's average annual growth rate during this period was -0.11%, and it featured the lowest level of real income per person of any economy listed in the table in the year 2010.
The levels of real income per person are reported in U.S. dollars using a base year of 2005. The following exercises will provide insight into the different growth experiences of these nations.
Questions:
1. This economy experienced the fastest rate of growth in real income per person from 1960 to 2010.
a. Austria
b. China
c. France
d. India
e. Senegal
f. Singapore
2. This economy had the highest level of real income per person in the year 2010.
a. Austria
b. China
c. France
d. India
e.…
Assume that there are three industries in the Home country: industry A, industry B and industry C. Total labour force of the Home Country in the year 2015 was 75,000. 25,000 of this labour force were employed in industry A, 25,000 of it were employed in industry B, and the rest were employed in industry C. In year 2016, total labour force was 150,000. This time 50,000 were employed in industry A, 50,000 were employed in industry B and the remaining workers were employed in industry C. What is the industrial transformation for the Home Country?
(a)0. (b)1/2. (c)1/6. (d)4/15.
Show your calculation and explain it. Limit your explanation to 200 words.
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Economy
Real Income per Person in 1960 (Dollars)
Real Income per Person in 2010 (Dollars)
Annual Growth Rate (Percent)
Austria
9,773
35,031
2.59
Venezuela
7,307
9,762
0.58
Botswana
468
9,515
6.21
Malaysia
1,624
11,863
4.06
Honduras
1,932
3,146
0.98
Zambia
1,412
1,309
-0.15
Indicate which economy satisfies each of the following…
Chapter 7 Solutions
PRINCIPLES OF MACROECONOMICS(LOOSELEAF)
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