4. Productivity and growth in the 20th century Consider a small island country whose only industry is printing. 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 2027 2028 Physical Capital (Printing presses) 120 400 Based on your calculations, productivity from 2027 to 2028. Labor Force Physical Capital per Worker (Workers) (Printing presses) 60 100 Labor Hours (Hours) 3,000 3,500 Output (Books) 21,000 49,000 in physical capital per worker from 2027 to 2028 is associated with 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 printing industry? Check all that apply. Labor Productivity (Books per hour of labor) Subsidizing research and development into new printing technologies Imposing restrictions on foreign ownership of domestic capital O Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Sharply increasing the interest rate on student loans to people pursuing advanced degrees in printing in labor
4. Productivity and growth in the 20th century Consider a small island country whose only industry is printing. 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 2027 2028 Physical Capital (Printing presses) 120 400 Based on your calculations, productivity from 2027 to 2028. Labor Force Physical Capital per Worker (Workers) (Printing presses) 60 100 Labor Hours (Hours) 3,000 3,500 Output (Books) 21,000 49,000 in physical capital per worker from 2027 to 2028 is associated with 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 printing industry? Check all that apply. Labor Productivity (Books per hour of labor) Subsidizing research and development into new printing technologies Imposing restrictions on foreign ownership of domestic capital O Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Sharply increasing the interest rate on student loans to people pursuing advanced degrees in printing in labor
Chapter1: Making Economics Decisions
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Transcribed Image Text:4. Productivity and growth in the 20th century
Consider a small island country whose only industry is printing. 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
2027
2028
Physical Capital
(Printing presses)
120
400
Based on your calculations,
productivity from 2027 to 2028.
Labor Force Physical Capital per Worker
(Workers)
(Printing presses)
60
100
Labor Hours
(Hours)
3,000
3,500
Output
(Books)
21,000
49,000
in physical capital per worker from 2027 to 2028 is associated with
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 printing industry? Check all that apply.
Labor Productivity
(Books per hour of labor)
Subsidizing research and development into new printing technologies
Imposing restrictions on foreign ownership of domestic capital
O Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
Sharply increasing the interest rate on student loans to people pursuing advanced degrees in printing
in labor
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