Question 17 If there is a sharp increase in the number of workers, holding all other things constant, which of the following is likely in the short term? a) increase real GDP per person but decrease real GDP b) raise real GDP but decrease real GDP per person c) raise both real GDP and real GDP per person d) decrease both real GDP and real GDP per person

Question 17 If there is a sharp increase in the number of workers, holding all other things constant, which of the following is likely in the short term? a) increase real GDP per person but decrease real GDP b) raise real GDP but decrease real GDP per person c) raise both real GDP and real GDP per person d) decrease both real GDP and real GDP per person

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The growth of real GDP per person in Australia between 1964 and 2000 was the result of: a. growth in both average labour productivity and the share of population employed b. growth in average labour productivity only c.growth in neither average labour productivity nor the share of population employed d. growth in the share of population employed only
The growth of real GDP per person in Australia between 1964 and 2000 was the result of: a. growth in both average labour productivity and the share of population employed b. growth in average labour productivity only c. growth in neither average labour productivity nor the share of population employed d. growth in the share of population employed only
2020 Q1 GDP (billions of 2010 NZ Dollars) 63.8 2020 Q1 GDP (billions of 2020Q1 NZ Dollars) 79.2 2020 Q2 GDP (billions of 2010 NZ Dollars) 57.5 2020 Q2 GDP (billions of 2020Q2 NZ Dollars) 71.2 2020 Q1 CPI (2017 Q2 = 100) 105.2 2020 Q2 CPI (2017 Q2 = 100) 104.7 Calculate Africa's real GDP growth rate between the first and second quarters of 2020.
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?
The table below shows data over several years for a country's real GDP, the number of full-time employed workers (E), and the annual average number of hours worked per worker (H). a. & b. For each of the four years, compute real GDP per worker-a standard measure of labour productivity and a slightly more complex measure of labour productivity-real GDP per hour worked. (Round your answers to the nearest cent.) Year 1 5 10 15 Real GDP $525 billion $574 billion $655 billion $767 billion Full-time Employed Workers (E) 12.7 million 13.5 million 14.5 million 15.2 million Number of Hours Worked per Worker (H) 2011 1961 1937 1905 GDP E GDP EXH
Only typed answer
Clarify statement: "Economic growth, when accounting for inflation, is the increase or improvement in the market value of goods and services. "
1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01
3) Consider the table below containing data for Germany and Japan on the ratio of employment to population in 1980 and 2010. 1980 2010 Germany Japan 0.33 0.52 0.48 0.49 Using data on real GDP per person from table below, find average labor productivity for each country in 1980 and 2010. How much of the increase in output per person in each country over the 1980 to 2010 period is due to increased labor productivity? To increased employment relative to population? Country 1870 1913 1950 1980 1990 2010 Annual % Annual % change change 1870-2010 1950-2010 Annual % change 1980-2010 Japan China 530 Brazil 713 811 India 533 673 Ghana 439 781 United States 2,445 5,301 9,561 18,577 23,201 30,491 United Kingdom 3,190 4,921 6,939 12,931 16,430 23,777 Germany 1,839 3,648 3,881 14,114 15,929 20,661 18,789 21,935 1,061 1,871 8,032 5,195 4,920 6,879 938 1,309 1,157 1,062 1.8 2.0 1.7 1.4 2.1 2.1 1.7 2.8 1.3 737 1,387 1,921 13,428 552 448 2.5 4.1 1.6 2.0 4.9 7.0 1,672 1.6 2.4 0.9 619 3,372 1.3 2.9 4.4…
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?
Please solve all parts of this question
Please answer all the questions below with a detailed and 100% correct solution.