Annual hours worked 3.500 3,000 2,500 2.000 1500 1000 1870 1,000 1800 1900 1913 1929 1929 6.000 960 FRANCE 1938 1930-1940 1973 1973 11.000 1973 1980 1960 1990 1995 14.000 GOP per capita 1990 2000 2000 NETHERLANDS 21,000 US 21,000 2000 1) The graph proves that workers in the US produce higher outputs than their counterparts in France or the Netherlands because they work longer hours. 2) US workers have always worked longer hours than French or Dutch workers have. 3) The Great Depression in 1929 had the effect of reducing both hours worked and output in both the US and France. 4) As GDP per capita increases, the number of hours worked continues to fall in all countries shown.

Annual hours worked 3.500 3,000 2,500 2.000 1500 1000 1870 1,000 1800 1900 1913 1929 1929 6.000 960 FRANCE 1938 1930-1940 1973 1973 11.000 1973 1980 1960 1990 1995 14.000 GOP per capita 1990 2000 2000 NETHERLANDS 21,000 US 21,000 2000 1) The graph proves that workers in the US produce higher outputs than their counterparts in France or the Netherlands because they work longer hours. 2) US workers have always worked longer hours than French or Dutch workers have. 3) The Great Depression in 1929 had the effect of reducing both hours worked and output in both the US and France. 4) As GDP per capita increases, the number of hours worked continues to fall in all countries shown.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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