i need help to check my work 2. You are given the following information for two countries, both which have capital share in GDP 0.25 (alsocalled the elasticity of output with respect to capital):Growth of GDP55Country ACountry B2A. Calculate the following (show your work):Country A:Labor Productivity GrowthGDP Per Capita GrowthCapital's Contribution to GDP GrowthLabor's Contribution to GDP GrowthMultifactor Productivity GrowthGrowth of Capital41Country B:Labor Productivity GrowthGDP Per Capita GrowthCapital's Contribution to GDP GrowthLabor's Contribution to GDP GrowthMultifactor Productivity GrowthGrowth of Labor21Growth in Population112B. Define capital deepening and multifactor productivity growth. Explain whether growth in labor productivity isdue more to capital deepening or multifactor productivity growth in each country. Explain why.2C. Which country has the best long-run growth prospects and why? Question 2 continued:2D. Explain why real wages are linked to labor productivity growth in the long run. Have U.S. wages risenwith productivity growth in recent years? What does this imply about capital share and labor share in GDP?2E. Explain why rising unit labor costs are a signal of inflationary pressures.2F. Explain why France's GDP per capita is lower than that of the U.S. while their labor productivity is aboutthe same.

GDP stands for Gross Domestic Product, which is the monetary value of all the finished goods and…

2. You are given the following information for two countries, both which have capital share in GDP 0.25 (also called the elasticity of output with respect to capital): Growth of GDP 5 5 Country A Country B 2A. Calculate the following (show your work): Country A: Labor Productivity Growth GDP Per Capita Growth Capital's Contribution to GDP Growth Labor's Contribution to GDP Growth Multifactor Productivity Growth Growth of Capital Growth of Labor 4 2 1 1 Country B: Labor Productivity Growth GDP Per Capita Growth Capital's Contribution to GDP Growth Labor's Contribution to GDP Growth Multifactor Productivity Growth Growth in Population 2C. Which country has the best long-run growth prospects and why? 1 2B. Define capital deepening and multifactor productivity growth. Explain whether growth in labor productivity is due more to capital deepening or multifactor productivity growth in each country. Explain why.

2. You are given the following information for two countries, both which have capital share in GDP 0.25 (also called the elasticity of output with respect to capital): Growth of GDP 5 5 Country A Country B 2A. Calculate the following (show your work): Country A: Labor Productivity Growth GDP Per Capita Growth Capital's Contribution to GDP Growth Labor's Contribution to GDP Growth Multifactor Productivity Growth Growth of Capital Growth of Labor 4 2 1 1 Country B: Labor Productivity Growth GDP Per Capita Growth Capital's Contribution to GDP Growth Labor's Contribution to GDP Growth Multifactor Productivity Growth Growth in Population 2C. Which country has the best long-run growth prospects and why? 1 2B. Define capital deepening and multifactor productivity growth. Explain whether growth in labor productivity is due more to capital deepening or multifactor productivity growth in each country. Explain why.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

i need help to check my work

2. You are given the following information for two countries, both which have capital share in GDP 0.25 (also
called the elasticity of output with respect to capital):
Growth of GDP
5
5
Country A
Country B
2A. Calculate the following (show your work):
Country A:
Labor Productivity Growth
GDP Per Capita Growth
Capital's Contribution to GDP Growth
Labor's Contribution to GDP Growth
Multifactor Productivity Growth
Growth of Capital
4
1
Country B:
Labor Productivity Growth
GDP Per Capita Growth
Capital's Contribution to GDP Growth
Labor's Contribution to GDP Growth
Multifactor Productivity Growth
Growth of Labor
2
1
Growth in Population
1
1
2B. Define capital deepening and multifactor productivity growth. Explain whether growth in labor productivity is
due more to capital deepening or multifactor productivity growth in each country. Explain why.
2C. Which country has the best long-run growth prospects and why?

Question 2 continued:
2D. Explain why real wages are linked to labor productivity growth in the long run. Have U.S. wages risen
with productivity growth in recent years? What does this imply about capital share and labor share in GDP?
2E. Explain why rising unit labor costs are a signal of inflationary pressures.
2F. Explain why France's GDP per capita is lower than that of the U.S. while their labor productivity is about
the same.

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