Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level 34. of $25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1% per year while worker productivity in the UK grows 3% per year. After five years, who will have the higher productivity level, and by how much?

Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level 34. of $25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1% per year while worker productivity in the UK grows 3% per year. After five years, who will have the higher productivity level, and by how much?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...

See similar textbooks

Similar questions

Say 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?
What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
Tis question is not addressed in the chapter—and in fact is still debated amongeconomists—but it is interesting to think about: Why do you suppose growthin living standards was virtually nonexistent for thousands of years? Why didthis situation change in recent centuries?
Say that the average worker in Argentina has productivity of $10 per hour while the average worker in Brazil has productivity of $12 per hour (both measured in U.S. dollars). If worker productivity, over the next 8 years, grows 1.5% per year in Brazil and 5% in Argentina. At the end of the 8 years, how much more productive are argentinian workers relative to brazillian, in percentage terms. (Do not include the % sign, round your answer to include 2 decimal places).
What is the largest contributing factor to human population growth during the 20th and 21st century? a decrease in birth rates an increase in death rates O a decrease in death rates O an increase in birth rates
Write out the equation for output growth with capital, labor and total factor productivityas determinants of growth. Suppose that the shares of capital and labor are respectively0 .3 and 0.7. If labor supply grows by 10% what would be the growth rate of outputassuming that there is no change in the other determinants? What would happen to percapita output if labor supply growth is entirely due to population growth?
Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
What were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
When economists speak of "long-run economic growth, they mean increasing the Select one: O a. real GDP of a country. O O O b. geographic size of a country. c. per capita real GDP of a country. d. population of a country. According to the instructors calculations, the average person in the United States spends Select one: O O O O a. approximately 5 and ½ hours b. about 3 and ½ hours c about 8 hours d. 45 minutes On a graph with savings on the x-axis and real interest rates on the y-axis, the supply of savings curve following the law of supply would: Select one: O O O O a. be horizontal a day in activities needed to continue living (what he described as not dying b. have a negative slope c. be vertical d. have a positive slope
1. At an annual growth rate of 1.75% it will take If GDP starts at a value of $100 million, then in 200 years we would expect the value of GDP years for a country's GDP to double. to be times larger. 2. If nominal GDP is growing at 5% per year, the inflation rate is 2% per year, and population growth is-190 per year then real GDP per capita is growing at percent per year. 3. A country aims to double real GDP per capita in the next 25 years. This means that on average real GDP per capita must grow at per year. 4. A country aims to double real GDP per capita in the next 25 years. If the rate of population growth in the country is 1% per year then this means that real GDP must grow at per year.
Say that the average worker in Canada has productivity of $21 per hour while the average worker in Australia has productivity of $33 per hour (both measured in U.S. dollars). If worker productivity, over the next 7 years, grows 3% per year in Canada and 3% in Australia. At the end of the 5 years, how much more productive are Australians workers relative to Canadians, in percentage terms. (Do not include the % sign, round your answer to include 2 decimal places).
Consider the data for the four months shown below. May June Units produced 1,282 1,320 Labor hours 326 314 Calculate the monthly labor productivities. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Month March April May June Months 3.837 3.825 March-April April-May May-June unuts/hour unuts/hour unuts/hour unuts/hour Calculate the monthly productivity growths. Do not round intermediate calculations. Round your answers to two decimal places. Use a minus sign to enter a negative value, if any. Productivity CHINO EPIT growth X X X % % March 1,262 329 April 1,224 320 %