Labor productivity is the value of the production or output per worker. the production or output...
Labor productivity is
| the value of the production or output per worker. |
| the production or output per hour. |
|
the production or output per worker per hour. |
Because of the compounding effect,
| large yearly growth rates are needed to achieve sustained growth. |
| small changes in economic growth rate lead to large GDP changes over time. |
| interest compounding allow the economy to grow faster. |
Homework Answers
- Labor productivity is the production or output per worker per hour.
Labor productivity measures the hourly output of a country's economy.
Labor productivity = Total output/the quantity of labor employed to produce it.
Labor productivity is the average product of labor or output per hour of work
- Because of the compounding effect, small changes in economic growth rate lead to large GDP changes over time.
Compounding effect is the effect of interest/rate added to existing level leading to substantial growth over the long run.
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Labor productivity is the value of the production or output per worker. the production or output...
Suppose labor productivity is $110,000 per worker in 2015. Calculate the value of labor productivity in...
Suppose labor productivity is $110,000 per worker in 2015. Calculate the value of labor productivity in 2035 (20 years later) if: Instructions: Enter your responses rounded to the closest $100. a. Productivity continues to grow by 2.6 percent per year. U.S labor productivity in 2035 would be $_ per worker. b. Productivity falls to 2.0 percent per year (the average productivity growth between 1970 and 2009). U.S. labor productivity in 2035 would be $_ per worker. c. How much lager...
Suppose labor productivity is $110,000 per worker in 2015. Calculate the value of labor productivity in...
Suppose labor productivity is $110,000 per worker in 2015. Calculate the value of labor productivity in 2035 (20 years later) if: Instructions: Enter your responses rounded to the closest $100. a. Productivity continues to grow by 2.6 percent per year. U.S labor productivity in 2035 would be $ per worker. b. Productivity falls to 2.0 percent per year (the average productivity growth between 1970 and 2009). U.S. labor productivity in 2035 would be $ per worker. c. How much lager would labor...
1) Which of the following is an example of a measure of labor productivity
1) Which of the following is an example of a measure of labor productivity?a. Autos get 30 gallons to the mile.b. The growth rate of per capita real GDP is 3.5 percent per year.c. Farm workers produce 30 bushels of wheat per worker per day.d. Wages increase by 3.5 percent per year for 5 years.2) Labor productivity increases whena. the unemployment rate decreases.b. the average output produced per worker during a specified time period decreases.c. the average number of hours...
Suppose labor productivity is $100,000 per worker in 2015. Calculate the value of labor productivity in...
Suppose labor productivity is $100,000 per worker in 2015. Calculate the value of labor productivity in 2035 (20 years later): Instructions: Enter your responses rounded to the closest $100. a. Productivity grows by 3.7 percent per year. U.S labor productivity in 2035 would be $ per worker. b. Productivity falls to 1.9 percent per year. U.S. labor productivity in 2035 would be $ per worker. c. How much lager would labor productivity per worker be in 2035 with the higher...
1- Productivity is defined as: workers employed per hour. output sold per hour. output produced per...
1- Productivity is defined as: workers employed per hour. output sold per hour. output produced per worker. workers per unit of output. 2- A policy of attracting Foreign Direct Investment is always an effective approach to promoting economic growth. TRUE - FALSE
Complete the table by calculating physical capital per worker as well as labour productivity. Hint: Recall...
Complete the table by calculating physical capital per worker as well as labour 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 labour. Year Physical Capital Labour Force Physical Capital per Worker Labour Hours Output Labour Productivity (Fishing poles) (Workers) (Fishing poles) (Hours) (Fish) (Fish per hour of labour) 2010 300 100 4,000 36,000 2011 480...
33. The "Catch-Up effect" refers to: a. a situation where poor countries will never grow faster...
33. The "Catch-Up effect" refers to: a. a situation where poor countries will never grow faster than rich countries because they can never "catch up" in terms of economic production. b. when an economy is sitting in a trough, economic activity will eventually increase and an increase in productivity will result. c. the difference between real GDP and nominal GDP. d. a situation where poor countries tend to grow more rapidly than rich countries. e. when an economy just starts...
Homework (Ch 12) the table by cakculating physical capital per worker as well as labor productivity....
Homework (Ch 12) the table by cakculating physical capital per worker as well as labor productivity. productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productiv the quantity of goods per hour of labor Labor Force Year (Fishing poles) (Workers) Physical Capital Physical Capital per w (Fishing poles) Hours output Labor Productivity (Hours) 4,000 4,200 (Fish) 36,000 50,400 (Fish per hour af labor) 100 120 productivity from 2027 to...
Refer to the per worker production function presented in Figure 1 on the next page. Explain what a movement from point...
Refer to the per worker production function presented in Figure
1 on the next page. Explain what a movement from point A to B
represents, and explain what a movement from point B to D
represents. Which change would be the best for sustained (long run)
economic growth?
Real GDP per hour worked Y/L Production functions 17 000 Production 16 400 function2 16 000 Production function 15 000 0 Capital per hour worked, K/L $50 000 $60 000 $70 000...
suppose that the growth rate of output per worker is 2% and that the growth rate...
suppose that the growth rate of output per worker is 2% and
that the growth rate of capital per worker is 1% calculate the
growth rate of total factor productivity assuming a production
function of Y
4. (20 points) Suppose that the growth rate of output per worker is 2% and that the growth rate of capital per worker is 1%. Calculate the growth rate of total factor productivity assuming a production tu of Y = AK -9, with a...
33. The "Catch-Up effect" refers to: a. a situation where poor countries will never grow faster than rich countries because they can never "catch up" in terms of economic production. b. when an economy is sitting in a trough, economic activity will eventually increase and an increase in productivity will result. c. the difference between real GDP and nominal GDP. d. a situation where poor countries tend to grow more rapidly than rich countries. e. when an economy just starts...
Homework (Ch 12) the table by cakculating physical capital per worker as well as labor productivity. productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productiv the quantity of goods per hour of labor Labor Force Year (Fishing poles) (Workers) Physical Capital Physical Capital per w (Fishing poles) Hours output Labor Productivity (Hours) 4,000 4,200 (Fish) 36,000 50,400 (Fish per hour af labor) 100 120 productivity from 2027 to...
Refer to the per worker production function presented in Figure
1 on the next page. Explain what a movement from point A to B
represents, and explain what a movement from point B to D
represents. Which change would be the best for sustained (long run)
economic growth?
Real GDP per hour worked Y/L Production functions 17 000 Production 16 400 function2 16 000 Production function 15 000 0 Capital per hour worked, K/L $50 000 $60 000 $70 000...
suppose that the growth rate of output per worker is 2% and
that the growth rate of capital per worker is 1% calculate the
growth rate of total factor productivity assuming a production
function of Y
4. (20 points) Suppose that the growth rate of output per worker is 2% and that the growth rate of capital per worker is 1%. Calculate the growth rate of total factor productivity assuming a production tu of Y = AK -9, with a...
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