O Macmillan LearningYear 1Year 2Use the table to answer the questions. Define productivity as GDP per worker, and please enter all answers as numerical valuesrounded to 3 decimal places, and not as percentages (e.g., 0.103 instead of 10.3%).GDP10131245What is the GDP growth rate?Population165297What is GDP per capita growth rate?Lx Give Up?Workers133235HintWhat is the productivity growth rate of the country as a whole? (Note: The productivity = GDP / # workers)CheckAttem

GDP per capita = GDP / populationproductivity = GDP/ number of workers

Macmillan Learning Use the table to answer the questions. Define productivity as GDP per worker, and please enter all answers as numerical values rounded to 3 decimal places, and not as percentages (e.g., 0.103 instead of 10.3%). Year 1 Year 2 GDP 1013 1245 What is the GDP growth rate? Population 165 297 What is GDP per capita growth rate? Workers 133 235 What is the productivity growth rate of the country as a whole? (Note: The productivity = GDP / # workers)

Macmillan Learning Use the table to answer the questions. Define productivity as GDP per worker, and please enter all answers as numerical values rounded to 3 decimal places, and not as percentages (e.g., 0.103 instead of 10.3%). Year 1 Year 2 GDP 1013 1245 What is the GDP growth rate? Population 165 297 What is GDP per capita growth rate? Workers 133 235 What is the productivity growth rate of the country as a whole? (Note: The productivity = GDP / # workers)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?
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