Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 10 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2016 and 2026.   **THE TABLE IS ATTACHED**   Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2016 to 2026, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hermes to rise by a _________ (LARGER/SMALLER)   amount than productivity in Gribinez. This illustrates the _______ (CATCH-UP/NATURAL RESOURCES/TECHNOLOGY/HUMAN CAPITAL)   effect.     THANK YOU FOR THE HELP

Q: Consider the economies of Hermes and Gribinez, both of which produce gobs of goo using only tools…

A: The per unit goods and services generated by an input in a production process is called as the…

Q: In the long run, the growth rate of output per worker is determined by the: the saving rate only the…

A: Steady-state growth rate Where,  'n' is the population growth rate 'g' is technological progress or…

Q: The “per person” versions of production functions: Write each productionfunction given below in…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Refer to the figure below and assume that the values for points a, B. are $10 billion, $20 billion,…

A: A production possibility frontier (PPF) depicts the combination of two goods that can be produced by…

Q: In 2000 GDP per capita was 18.3, capital/output was 3.3, human capital was 4.8. In 2010 GDP per…

A: The relationship between production output and production inputs is represented by a Cobb-Douglas…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question.…

Q: Assume we have two economies. Economy A has a level of GDP per capita of Ya(0) which is higher than…

A: Gross domestic product (GDP) per capita is a measure of a nation's economic output per person and is…

Q: Fill in the blank with the options given. Based on your calculations, _________ (options: a…

A: Physical capital  is the stock of equipment and structures that are used to produce goods and…

Q: Ruritania produces Widgets and Gizmos. If all of its factors of production are committed to making…

A: The production possibility curve is the graphical illustration of all the locus points of the…

Q: Consider a simple economy whose only industry is printing. In this industry, productivity—the amount…

A: The level of economic production affects living standards significantly. That explains why certain…

Q: Physical Capital Year (Printing presses) 2019 2020 100 135 Based on your calculations, productivity…

A: Physical Capital per Worker refers to the amount of physical capital available to each worker in an…

Q: Complete the following tables by entering productivity (in terms of output per worker) for each…

A: The productivity of a worker is the ratio between the output and the worker.  It measures the per…

Q: Determine the number of years it will take for the standard of living to double in each country.…

A: The Rule of 72 can be described as the simple mathematical formula that is used to calculate the…

Q: Consider a production function Y = AK0.2L 0.8 . Suppose the capital growth is 20%, labor growth is…

A: The growth rate of GDP depends on the growth of labour , capital and productivity.

Q: 4. The catch-up effect Consider the economies of Hermes and Gribinez, both of which produce gaggles…

A: Productivity in the following tables can be found out by dividing output by the number of workers.

Q: For the first 2 questions: Suppose that income (output) grows at 15 percent, capital grows at 6…

A: ***Since the student has posted a question with multiple MCQs, the expert is required to solve only…

Q: Consider two countries with comparable natural resources which devoted exactly the same shares of…

A: The following problem, in relation to economic growth has been answered as follows:

Q: Suppose that country A and country B currently have identical production possibility frontiers, but…

A: In business, the production possibility frontier (PPF) is a bend that outlines the varieties in the…

Q: Consider a hypothetical small island nation in which the only industry is cloud computing. The…

A: Production function:Production is a function of land labor capital and entrepreneurship. It includes…

Q: Consider a small island country whose only industry is fishing. The following table shows…

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

Q: Assume Mexico has the production possibilities to produce either 50 bottles of milk or 50 cartons of…

A: There are only two goods, milk (in bottles) and eggs (in cartons) produced in Mexico and a fixed…

Q: Refer to Problem 1 for data and assume now that the population growth rate increases to 5%.…

A: Neoclassical economists Robert Solow and Trevor Swan created the Solow model, commonly referred to…

Q: Based on your calculations, productivity from 2037 to 2038. in physical capital per worker from 2037…

A: Physical capital per worker measures the physical capital per unit of labor. Formula: Physical…

Q: Complete the table by calculating physical capital per worker as well as labor productivity. Hint:…

A: Labor productivity is the quantity of goods and services produced in one hour of labor. Physical…

Q: Which of the following is true of the growth in the U.S. economy from 1950 to 2007? Growth…

A: Countries who do higher investment in research and development are likely to have better standards…

Q: Assume that total output is determined by this formula: number of workers × productivity = total…

A: Labor Productivity is a measure of economic performance that compares the amount of output with the…

Q: Country A and Country B initially have the same real GDP per capita. Country A experiences no…

A: GDP refers to the value of final goods and services produced in an economy. Real GDP is the value of…

Q: Consider the economies of Blahnik and Tralfamadore, both of which produce gaggles of gop using only…

A: 2023 Blahnik productivity can be calculated as follows: Blahnik2023=OutputLabor force=5,00050=100…

Q: Suppose that our potato economy decided to reduce consumption and increase investment. How would…

A: As per the economy it decides to reduce consumption and increase investment.

Q: Consider a small island country whose only industry is fishing. The following table presents…

A: Labor productivity is the output produced by per unit of labor.

Q: Consider a hypothetical small island nation in which the only industry is weaving. The following…

A: Physical capital can be defined as the capital required to produce goods and services. This may…

Q: True or False and Explain your answer. The following table shows average annual growth rates of…

A: The following table shows average annual growth rates of output per worker and factors of production…

Q: Consider a small island country whose only industry is printing. The following table presents…

A: Capital is a man-made resource used in the production function, to purchase other factors of…

Q: Is it possible to have economic growth with no opportunity cost? A)Yes, economic growth requires no…

A: 4th option is correct. Opportunity cost is the cost of next best alternative foregone. To have…

Q: Real GDP per capita in the country of Arcadia grew from about $4,703 in 1900 to about $42,731 in…

A: The term gross domestic product refers to the situation under which the overall flow of products and…

Q: If capital per worker decreases, real GDP per hour of labour Answers: increases because the level of…

A: Capital per worker is one of the inputs used in the production of goods and services. When capital…

Q: 4. The catch-up effect Consider the hypothetical economies of Hestiatia and Vanaheim, both of which…

A: Productivity is an important economic concept that is used to measure a production efficiency of a…

Q: 4. The catch-up effect Consider the economies of Sporon and Tralfamadore, both of which produce gobs…

A: Productivity = OutputLabor Force

Q: Real GDP per capita is 49,773 (measured in constant 2017 International Dollar, same for the…

A: The objective of the question is to decompose the differences in real GDP per capita between Canada…

Q: You learned that convergence is a pattern in which economies with low per capita income grows faster…

A: At first we are in technology 1, So when Diminishing marginal returns to capital deepening works,…

Q: Consider the economies of Sporon and Gobbledigook, both of which produce gaggles of gop using only…

A: Productivity of workers is the total output produced divided by the total number of workers…

Q: Consider the hypothetical economies of Thalassa and Svarta, both of which produce crates of copia…

A: Productivity is an important economic concept that is used to measure a production efficiency of a…

Q: Complete the table by calculating physical capital per worker as well as labor productivity. Hint:…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: Consider the economies of Sporon and Gobbledigook, both of which produce gobs of goo using only…

A: Two Economies: Sporon and Gobbledigook One good: Gobs of Goo Two Factors of Production: Physical…

Q: Consider the hypothetical economies of Hermes and Svarta, both of which produce cases of argo using…

A: The productivity of a worker is the ratio between the output and the worker.  It measures the per…

Q: 3. Productivity and growth policies Consider a hypothetical small island nation in which the only…

A: Productivity refers to the effective utilisation of resources like labour and capital to maximise…

Q: Consider the economies of Hermes and Tralfamadore, both of which produce gobs of goo using only…

A: The ratio that depicts the volume of input being used and the volume of output being produced is…

Q: lia Homework: Production and Growth Due Today at 11:59 PM MDT Activity Information Consider a small…

A: Labor productivity is the computation of the number of goods and services manufactured in one an…