Answered: Physical Labor Physical Capital per…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Productivity and growth policies Consider a hypothetical small island nation in which the only industry is publishing. The following table displays information about the economy over a two year period. Complete the table by calculating physical capital per worker as well as labor productivity. 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, ___________ in physical capital per worker from 2031 to 2032 is associated with ________ in labor productivity from 2031 to 2032.__ 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 cloud computing industry? Check all that apply. Offering free public education to every worker in the country Subsidizing research and development into new cloud computing technologies Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Imposing a tax on servers