If real GDP is $12,150 billion and aggregate labour hours are 270 billion, labour productivity equals Select one: O A. $650 an hour. B. $32.81 an hour. O C. $6.50 an hour. D. $45 an hour. O E. $48 an hour.
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- The following data gives real GDP (Y), total factor productivity (A), and Capital (K), for two years. A K 1 25 1.1 81 Year 1980 1990 Y 400 990 Assume the production function is Y-AK0.5 0.5. By what percentage did labor grow between 1980 and 1990? Op. 40.75% Ob. 20.15% O c. 96.00% d. 56.25%4) a. More labor inputs can explain all of the increases in U.S. real GDP during the last 62 years or so. none of the increases in U.S. real GDP during the last 62 years or so. some of the increases in U.S. real GDP during the last 62 years or so. most of the increases in U.S. real GDP during the last 62 years or so. b. Since at least 1995 the majority of increases in U.S. real GDP are from productivity growth. labor growth. technological change. capital growth. c. Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance. Technological advance, quantity of capital, education and training, economies of scale, and improved resource allocation. Improved resource allocation, technological advance, education and training,…In turaa Itd. the total no. of units produced are 234k and the labour input was 20% of output and materials input was 85% of labour input , calculate single factor productivity of each ?
- The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Year Y K N 1970 3460 4400 75 1980 5196 6000 104 1990 7123 7600 119 2000 10,044 10,400 139 2010 11,606 11,600 152 2020 14,961 13,500 173 Assume that the production function is Y= AKO.3 NO.7 Calculate the growth rate of total factor productivity in each decade. Between 1970 and 1980, U.S. total factor productivity grew by 8.82 %. (Enter your answer as a percentage rounded to one decimal place.) Between 1980 and 1990, U.S. total factor productivity grew by ☐ %. (Enter your answer as a percentage rounded to one decimal place.)31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor incomeSuppose the economy's production function is Y = A KO.4N0.6. The numbers 0.4 and 0.6 represent, A. total productivity of K and total productivity of N B. marginal productivity of K and marginal productivity of N C. income share of K and income share of N D. factor price of K and factor price of N respectively.
- Suds and Duds Laundry washed and pressed the following number of dress shirts per week: Week 1 2 3 4 5 Work Crew Sud and Dud Sud and Jud Sud, Dud, and Jud Sud, Dud, and Jud Dud and Jud a. For the given information, the labor productivity per hour for each week is (enter your responses rounded to two decimal places): Week 1 2 3 4 5 Total Hours 23 44 62 57 44 D ☐☐☐☐☐ Shirts 69 138 158 123 133 Productivity Per HourAdditional labor productivity would be equivalent to a.marginal productivity of the worker. b. education and skills. c. GDP per number of active labor force. d. additional output for additional input. e. it is not equivalent any of the choices. f. all of the choices are correctSay that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?
- 2.6 The Production Function and Emigration. During the potato famine, many workers left Ireland. Show how this affected output using a production function.The accumulated knowledge, skills, and expertise of the average worker in an economy is known as O Education O Technological Progress O Human capital O Physical capitalA productivity increase is illustrated by a shift in the production function a. upward. b. rightward. c. downward. d. leftward.
