4. The real GDP in the first quarter of 2020 was found to be $500,000 and the number of hours worked was 5,000. In the first quarter of 2021, the real GDP increased to $720,000 while the number of hours worked increased to 6,000. Given these values, solve for labor productivity in both quarters and solve for the growth rate of labor productivity between the two quarters.

4. The real GDP in the first quarter of 2020 was found to be $500,000 and the number of hours worked was 5,000. In the first quarter of 2021, the real GDP increased to $720,000 while the number of hours worked increased to 6,000. Given these values, solve for labor productivity in both quarters and solve for the growth rate of labor productivity between the two quarters.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?
In 2017, the GDP of UK was $2100. Suppose that UK has a growth rate of 2.3%. a. What is Britain's GDP after 8 years? b. What is Britain's GDP after 12 years?
In 2017, the GDP of Brazil was $5100. In 2018, the GDP of Brazil was $11800. a. What is the growth rate for the Brazilian economy?
Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19 2010 14.94 2009 14.54 Refer to Table 11.Growth. Economic growth rate for 2013 is about О 2.32% O 1.67% O 1.58% О 3.18%
11. In 2022 a country has the following data: GDP TFP Capital Labor Y A K L 400 1,100 20 The production function is Y = A¿KQ4 LQ.6 and the capital stock evolves according to Kt+1 growth rate of labor is 0.6% and TFP growth is 2%. Assume that population is equal to labor. Use the Solow model to calculate per-capita GDP in 2024 (two years later). (1 – d)Kt + It. The saving rate 22%, the depreciation rate is 10%, the (а) 498.32 (b) 504.42 (c) 516.96 (Right answer) (d) 548.87
1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01
question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth?
Please solve all parts of this question
Small differences in growth rates in the size of the economy, over several decades, will result in big differences in the size of the economy. Pretend we start in 1950 and the U.S. growth in real GDP has been around 3.15%. This has resulted in real GDP growing 8 times over this 70-year period (1950 to 2020). If real GDP growth had been 4.0%, real GDP would be times larger. a. 8 (about the same growth as with 3.15% growth) b. 10 С. 14 d. 16