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. Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity Year (Printing presses) (Workers) (Printing presses) (Hours) (Books) (Books per hour of labor) 2033 40 20 1,100 5,500 2034 160 40 1,400 14,000 Based on your calculations, in physical capital per worker from 2033 to 2034 is associated with in labor productivity from 2033 to 2034. 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. | Imposing a tax on printing presses Offering free public education to every worker in the country Subsidizing research and development into new printing technologies Imposing restrictions on foreign ownership of domestic capital
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. Physical Capital Labor Force Physical Capital per Worker Labor Hours Output Labor Productivity Year (Printing presses) (Workers) (Printing presses) (Hours) (Books) (Books per hour of labor) 2033 40 20 1,100 5,500 2034 160 40 1,400 14,000 Based on your calculations, in physical capital per worker from 2033 to 2034 is associated with in labor productivity from 2033 to 2034. 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. | Imposing a tax on printing presses Offering free public education to every worker in the country Subsidizing research and development into new printing technologies Imposing restrictions on foreign ownership of domestic capital
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![**CENGAGE | MINDTAP**
**Homework (Ch 17)**
### 3. Productivity and Growth Policies
Consider a small island country whose only industry is printing. The following table shows information about the small economy in two different years.
#### Table: Calculating Physical Capital per Worker and Labor Productivity
| Year | Physical Capital (Printing presses) | Labor Force (Workers) | Physical Capital per Worker | Labor Hours (Hours) | Output (Books) | Labor Productivity (Books per hour of labor) |
|-------|-------------------------------------|-----------------------|-----------------------------|---------------------|---------------|---------------------------------------------|
| 2033 | 40 | 20 | | 1,100 | 5,500 | |
| 2034 | 160 | 40 | | 1,400 | 14,000 | |
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.
Based on your calculations, a change in physical capital per worker from 2033 to 2034 is associated with a change in labor productivity from 2033 to 2034.
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.**
- [ ] Imposing a tax on printing presses
- [ ] Offering free public education to every worker in the country
- [ ] Subsidizing research and development into new printing technologies
- [ ] Imposing restrictions on foreign ownership of domestic capital](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F326a2f50-8bcc-41cc-b539-545ba73cadfc%2F2c3cc142-78b7-4c4a-af78-8a8a38647516%2Fhdae1vp_processed.png&w=3840&q=75)
Transcribed Image Text:**CENGAGE | MINDTAP**
**Homework (Ch 17)**
### 3. Productivity and Growth Policies
Consider a small island country whose only industry is printing. The following table shows information about the small economy in two different years.
#### Table: Calculating Physical Capital per Worker and Labor Productivity
| Year | Physical Capital (Printing presses) | Labor Force (Workers) | Physical Capital per Worker | Labor Hours (Hours) | Output (Books) | Labor Productivity (Books per hour of labor) |
|-------|-------------------------------------|-----------------------|-----------------------------|---------------------|---------------|---------------------------------------------|
| 2033 | 40 | 20 | | 1,100 | 5,500 | |
| 2034 | 160 | 40 | | 1,400 | 14,000 | |
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.
Based on your calculations, a change in physical capital per worker from 2033 to 2034 is associated with a change in labor productivity from 2033 to 2034.
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.**
- [ ] Imposing a tax on printing presses
- [ ] Offering free public education to every worker in the country
- [ ] Subsidizing research and development into new printing technologies
- [ ] Imposing restrictions on foreign ownership of domestic capital
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