Consider a small island country whose only industry is fishing. 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 asthe quantity of goods per hour of labor.Physical CapitalLabor ForcePhysical Capital per WorkerLabor HoursOutputLabor ProductivityYear(Fishing poles)(Workers)(Fishing poles)(Hours)(Fish)(Fish per hour of labor)2029120603,00021,00020304001003,50049,000Based on your calculations,in physical capital per worker from 2029 to 2030 is associated within laborproductivity from 2029 to 2030.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 fishing industry? Check all that apply.Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accountsO Imposing a tax on fishing polesO Subsidizing research and development into new fishing technologiesO Imposing restrictions on foreign ownership of domestic capital

The workforce is the amount of utilized and jobless people. The workforce interest rate is the…

Consider a small island country whose only industry is fishing. 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. lint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as he quantity of goods per hour of labor. Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity Year (Fishing poles) (Workers) (Fishing poles) (Hours) (Fish) (Fish per hour of labor) 2029 120 60 3,000 21,000 2030 400 100 3,500 49,000 ased on your calculations, in physical capital per worker from 2029 to 2030 is associated with in labor roductivity from 2029 to 2020

Consider a small island country whose only industry is fishing. 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. lint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as he quantity of goods per hour of labor. Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity Year (Fishing poles) (Workers) (Fishing poles) (Hours) (Fish) (Fish per hour of labor) 2029 120 60 3,000 21,000 2030 400 100 3,500 49,000 ased on your calculations, in physical capital per worker from 2029 to 2030 is associated with in labor roductivity from 2029 to 2020

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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