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Consider a small island country whose only industry is weaving. 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 (Looms) (Workers) 120 60 400 100 Year 2016 2017 Based on your calculations, productivity from 2016 to 2017. Physical Capital per Worker (Looms) Labor Hours (Hours) 3,000 3,500 in physical capital per worker from 2016 to 2017 is associated with Suppose you're in charge of establishing economic policy for this small island country. Imposing a tax on looms Subsidizing research and development into new weaving technologies Imposing restrictions on foreign ownership of domestic capital Output Labor Productivity (Garments) (Garments per hour of labor) 21,000 49,000 Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. ring the interest rate on student loans to people pursuing advanced degrees in weaving. ▼in labor

Consider a small island country whose only industry is weaving. 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 (Looms) (Workers) 120 60 400 100 Year 2016 2017 Based on your calculations, productivity from 2016 to 2017. Physical Capital per Worker (Looms) Labor Hours (Hours) 3,000 3,500 in physical capital per worker from 2016 to 2017 is associated with Suppose you're in charge of establishing economic policy for this small island country. Imposing a tax on looms Subsidizing research and development into new weaving technologies Imposing restrictions on foreign ownership of domestic capital Output Labor Productivity (Garments) (Garments per hour of labor) 21,000 49,000 Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. ring the interest rate on student loans to people pursuing advanced degrees in weaving. ▼in labor

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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3. Productivity and growth policies Consider a small island country whose only industry is weaving. 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 (Looms) (Workers) 120 60 400 100 Year 2016 2017 Based on your calculations, productivity from 2016 to 2017. Physical Capital per Worker (Looms) Labor Hours (Hours) 3,000 3,500 Output (Garments) 21,000 49,000 in physical capital per worker from 2016 to 2017 is associated with 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 weaving industry? Check all that apply. Imposing a tax on looms Subsidizing research and development into new weaving technologies Imposing restrictions on foreign ownership of domestic capital Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving Labor Productivity (Garments per hour of labor) in labor
Transcribed Image Text:3. Productivity and growth policies Consider a small island country whose only industry is weaving. 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 (Looms) (Workers) 120 60 400 100 Year 2016 2017 Based on your calculations, productivity from 2016 to 2017. Physical Capital per Worker (Looms) Labor Hours (Hours) 3,000 3,500 Output (Garments) 21,000 49,000 in physical capital per worker from 2016 to 2017 is associated with 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 weaving industry? Check all that apply. Imposing a tax on looms Subsidizing research and development into new weaving technologies Imposing restrictions on foreign ownership of domestic capital Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving Labor Productivity (Garments per hour of labor) in labor
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Labor productivity is the computation of the number of goods and services manufactured in one an hour of labor. Physical capital per worker is the computation of the amount of machinery, buildings, and computers per worker.

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