1 Suppose that y = Ak4, the capital-labor ratio is $55,000 per worker, the level of total factor productivity is 500, 70% of the population works, and there are 70 million workers. Real GDP per worker is $, (Enter your response rounded to one decimal place.)ALSO WHAT WOULD THE GDP per Capita be?

1 Suppose that y = Ak4, the capital-labor ratio is $55,000 per worker, the level of total factor productivity is 500, 70% of the population works, and there are 70 million workers. Real GDP per worker is $, (Enter your response rounded to one decimal place.)ALSO WHAT WOULD THE GDP per Capita be?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....

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Question

1
Suppose that y = Ak4, the capital-labor
AKA,
ratio is $55,000 per worker, the level of
total factor productivity is 500, 70% of the
population works, and there are 70 million
workers. Real GDP per worker is $, (Enter
your response rounded to one decimal
place.)ALSO WHAT WOULD THE GDP per
Capita be?

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