Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent

Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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10. As an alternative to the story of Robinson Crusoe, macroeconomists use the "aggregate production function," written as Y = AF(L,K,H,N), to link economy-wide output Y to the number of workers L, the stock of physical capital K, the stock of human capital H, the stock of natural resources N, and stock of technological knowledge A. With reference to this aggregate production function, please indicate whether each of the following statements is true or false. (a) The aggregate production function exhibits "constant returns to scale" if doubling the four inputs - workers L, physical capital K, human capital H, and natural resources N – while holding the stock of technological knowledge A fixed leads to a doubling of output. (b) The aggregate production function exhibits "constant returns to scale" if tripling the four inputs - workers L, physical capital K, human capital H, and natural resources N – while holding the stock of technological knowledge A fixed leads to a tripling of…
5
The table below shows the GDP of a country measured in trillions of dollars. What is the growth rate of the GDP of this country in 1999? Year 1998 1999 2000 2001 Profit $526.42 $527.10 $533.69 $541.70 O a) -0.02% O b) 0.04% O c) 0.08% O d) 0.13% O e) 0.18% O f) 0.25% g) There is not enough information to tell.
QUESTION 5 The table below represents national macrocconomic data for Year 1 and Year 2. Year Y K 1 4000 1500 2 4200 1500 y Where x = 110 and y = 195. Suppose that the production function is given by y=AK0.3N0.7. How much did the total factor productivity of this economy change exactly, in percentage terms? (Submit your answer with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)
3) Consider the table below containing data for Germany and Japan on the ratio of employment to population in 1980 and 2010. 1980 2010 Germany Japan 0.33 0.52 0.48 0.49 Using data on real GDP per person from table below, find average labor productivity for each country in 1980 and 2010. How much of the increase in output per person in each country over the 1980 to 2010 period is due to increased labor productivity? To increased employment relative to population? Country 1870 1913 1950 1980 1990 2010 Annual % Annual % change change 1870-2010 1950-2010 Annual % change 1980-2010 Japan China 530 Brazil 713 811 India 533 673 Ghana 439 781 United States 2,445 5,301 9,561 18,577 23,201 30,491 United Kingdom 3,190 4,921 6,939 12,931 16,430 23,777 Germany 1,839 3,648 3,881 14,114 15,929 20,661 18,789 21,935 1,061 1,871 8,032 5,195 4,920 6,879 938 1,309 1,157 1,062 1.8 2.0 1.7 1.4 2.1 2.1 1.7 2.8 1.3 737 1,387 1,921 13,428 552 448 2.5 4.1 1.6 2.0 4.9 7.0 1,672 1.6 2.4 0.9 619 3,372 1.3 2.9 4.4…
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Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114