14. Suppose over the last ten years average hours per worker increased at 2 percent per year, productivity increased by 3 percent per year, and GDP per capita increased by 4 percent per year. What happened to the employment-population ratio during this period? The employment-population ratio at the end of the period is approximately 80 percent of its value at the beginning of the period. The employment-population ratio increased by approximately 1 percent per year. Unknown, because the growth rate of population is not provided. The employment-population ratio fell by approximately 1 percent per year.
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- 51. Suppose per capita GDP in a richer country is growing at a faster annual rate than in a poorer country. An implication of this difference in growth rates is that the gap between their standards of living will close over time as long as the rate of population growth is higher in the poorer country. whether the gap in living standards widens or closes over time depends on the absolute size of the relative growth rates. the gap between their standards of living will widen over time. the gap between their standards of living will close over time. the difference in their living standards will not change over time.1. Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie's real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie's rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973-1995 period?Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period? The quantity of labor and increases in labor productivity are important sources of economic growth. Between 1953 and 2015, in the US economy the labor force increased from 63 million to 158 million workers. Productivity growth has usually been the more significant factor. To calculate real GDP in a given year you have to multiply hours worked by productivity. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a…
- 6) There is such a close relationship between changes in a nation’s rate of productivity growth and changes in its average real hourly wage because if the average real hourly wage and output per worker is increasing, then the amount of output available per capita for workers to buy will be growing so more can be purchased. decreasing, then the amount of output available per capita for workers to buy will be less so more can be purchased. increasing, then the amount of output available per capita for workers to buy will be less so more can be purchased. decreasing, then the amount of output available per capita for workers to buy will be decreasing so more can be purchased.There is a chart for quesition 2 that is attached as an image. Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period? Hint: The quantity of labor and increases in labor productivity are important sources of economic growth. Between 1953 and 2015, in the US economy the labor force increased from 63 million to 158 million workers. Productivity growth has usually been the more significant factor. To calculate real GDP in a given year you have to multiply hours worked by productivity. 2. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its…11. The table below shows the average income per person in two countries in 1900 and their subsequent growth rates. Country Argentina Growth rate from 1900 to 2010 Income per person in 1900 $2756 $2758 1.03% Canada 2.19% The growth rates are only slightly different so maybe we should expect that they end up with similar, but not identical final incomes but they didn't. What was the absolute value of the difference in their incomes per person in 2010?
- 1. At an annual growth rate of 1.75% it will take If GDP starts at a value of $100 million, then in 200 years we would expect the value of GDP years for a country's GDP to double. to be times larger. 2. If nominal GDP is growing at 5% per year, the inflation rate is 2% per year, and population growth is-190 per year then real GDP per capita is growing at percent per year. 3. A country aims to double real GDP per capita in the next 25 years. This means that on average real GDP per capita must grow at per year. 4. A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1% per year then this means that real GDP must grow at per year.Richland's real GDP per person is $30,000, and Poorland's real GDP per person is $15,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's is growing at 3 percent per year. Compare real GDP per person in the two countries after 10 years and after 20 years. Approximately how many years will it take Poorland to catch up to Richland? Instructions: Enter your responses as whole numbers. GDP per person after 10 years. GDP per person Richland GDP per person after 20 years $ Poorland $ $ Poorland will catch up to Richland in (Click to select)years.Assume an economy has grown by 8% per year over the past 20 years. During the same period, the labour force has grown by 2% per year and the quantity of physical capital has grown by 4% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.33%. Assume that human capital has not changed during the past 30 years. What is the growth rate in Physical Capital per worker over this time period? What is the growth rate in output per worker over this time period? How much has technological progress contributed to productivity growth?
- The “graying of America” will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 56 years following 2016 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960–2016. Under this scenario, what would be the net change in real GDP per person between 2016 and 2072? Year Average labor productivity Share of population employed 1960 47,263 36.4% 2016 110,384 46.8% Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages.(need help)Real GDP per person in 2016: $ (need help) Real GDP per person in 2072: $ (need help) Net change in real GDP per person between 2016 and 2072: $____________ , which is an increase of___________ % from 2016.Suppose that the GDP of California increases by 8.0% each year. How long will it take for the GDP of California to double? Round your answer to one digit after the decimal. duration for California's GDP to double: Suppose that the GDP of Oregon today is exactly twice what it was 17 years ago. What was the average annual growth for Oregon over this time period? Round your answer to one digit after the decimal. average annual growth for Oregon: years % each yearQuestion Approximately how long will it take Ethiopia to double its real GDF per person of S100 if its growth rate of real GDP per person is 0.9 63 years 77.7 years 70 years 109 years 100 years If Country A's real GDP grows at a rate of 14 percent per year, how many years will it take for Country A's real GDP to double? 10 7 5 30 14 Labor productivity is defined as total real GDP. real GDP per person. total output multiplied by total hours of labor. real GDP per hour of labor. hours of work per person. An increase in labor productivity increases the standard of living. decreases the standard of living. might be the result of an increase in the quantity of labor. generally occurs when physical capital decreases because firms must then hire more workers. cannot occur without a corresponding increase in employment. Last year, in a nation far to the South, real GDP was $90 million 900.000 workers were employed. This year real GDP is $100 million. 950.000 workers are…
