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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.

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.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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.
Transcribed Image Text: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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