3. Productivity and growth policies Consider a small island country whose only industry is weaving. The...
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3. Productivity and growth policies Consider a small island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor.
Based on your calculations, in physical capital per worker from 2016 to 2017 is associated with in labor productivity from 2016 to 2017. Suppose you're in charge of establishing economic policy for this small island country. Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Offering free public education to every worker in the country Imposing a tax on looms |
Homework Answers
(1) Physical capital per worker = Physical capital / Labor force
2016: 300/100 = 3
2017: 480/120 = 4
(2) Labor productivity = Output / Labor hours
2016: 36,000/4,000 = 9
2017: 50,400/4,200 = 12
(3) Increase in physical capital per worker is associated with Increase in labor productivity.
(4) Following policies would lead to greater productivity:
- Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
- Offering free public education to every worker in the country
Add Answer to:
3. Productivity and growth policies
Consider a small island country whose only industry is weaving.
The...
3. Productivity and growth policies Consider a small island country whose only industry is weaving. The following table...
3. Productivity and growth policies Consider a small island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year Physical Capital Labor Force...
Dropdown options are Increase/Decrease 3. Productivity and growth policies Consider a small island country whose only...
Dropdown options are
Increase/Decrease
3. Productivity and growth policies Consider a small island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical...
3. Productivity and growth policies Consider a small Island country whose only Industry is fishing. The...
3. Productivity and growth policies Consider a small Island country whose only Industry is fishing. The following table shows Information about the small economy in two different years Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital (Fishing poles) 120...
3. Productivity and growth policies Consider a small island country whose only Industry is fishing. The...
3. Productivity and growth policies Consider a small island country whose only Industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Labor Force (Workers) Physical Capital...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital per Worker (Fishing...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about Complete the table by calculating physical capital per worker as well as labor productivity Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital Labor Force Physical Capital per Worker (Fishing poles) Labor Hours...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital Labor Force Physical...
Hint: Recall that productivity is defined as the amount of goods and services a worker can...
Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Labor Productivity (Garments per hour of labor) Year 2029 2030 Physical Capital (Looms) 300 480 Labor Force Physical Capital per Worker Labor Hours (Workers) (Looms) (Hours) 1003 4,000 4,200 Output (Garments) 36,000 50,400 480 120 12 in physical capital per worker from 2029 to 2030 is associated...
Consider a small island country whose only industry is printing. The following table presents information about...
Consider a small island country whose only industry is printing. The following table presents information about this small economy in two different years. Complete the table by calculating physical capital per worker and labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year Physical Capital Labor Force Physical Capital per Worker Labor Hours Output...
2. The determinants of productivity Consider a simple economy whose only industry is weaving. In this...
2. The determinants of productivity Consider a simple economy whose only industry is weaving. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of garments one weaver makes per hour. In the following table, match each example to the productivity determinant it represents. Examples Human Capital per Worker Natural Resources per Worker Physical Capital per Worker Technological Knowledge The accumulated weaving experience of the workforce A special technique that workers...
Dropdown options are
Increase/Decrease
3. Productivity and growth policies Consider a small island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical...
3. Productivity and growth policies Consider a small Island country whose only Industry is fishing. The following table shows Information about the small economy in two different years Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital (Fishing poles) 120...
3. Productivity and growth policies Consider a small island country whose only Industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Labor Force (Workers) Physical Capital...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital per Worker (Fishing...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about Complete the table by calculating physical capital per worker as well as labor productivity Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital Labor Force Physical Capital per Worker (Fishing poles) Labor Hours...
3. Productivity and growth policies Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Physical Capital Labor Force Physical...
Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Labor Productivity (Garments per hour of labor) Year 2029 2030 Physical Capital (Looms) 300 480 Labor Force Physical Capital per Worker Labor Hours (Workers) (Looms) (Hours) 1003 4,000 4,200 Output (Garments) 36,000 50,400 480 120 12 in physical capital per worker from 2029 to 2030 is associated...
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