Suppose that work hours in New Zombie are 300 in year 1, and productivity is $10 per hour worked. Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? 2$ b. If work hours increase to 320 in year 2 and productivity rises to $12 per hour, what is New Zombie's rate of economic growth? percent

Suppose that work hours in New Zombie are 300 in year 1, and productivity is $10 per hour worked. Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? 2$ b. If work hours increase to 320 in year 2 and productivity rises to $12 per hour, what is New Zombie's rate of economic growth? percent

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 1QR

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Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. What is New Zombie's real GDP? $ If work hours increase to 320 in year 2 and productivity rises to $16 per hour, what is New Zombie's rate of economic growth? Instructions: Round your answer to two decimal places. Rate of growth= %
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $12 per hour worked Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? b. If work hours increase to 320 in year 2 and productivity rises to $14 per hour, what is New Zomble's rate of economic growth? percent Check my work
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?
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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 quantity of labor and increases in labor productivity are important sources of economic growth. Between 1953 and 2015, in the US economy the labor force increased from 63 million to 158 million workers. Productivity growth has usually been the more significant factor. To calculate real GDP in a given year you have to multiply hours worked by productivity. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its labor force statistics. Following information is extracted from a…
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