The fictitious country Alpha has a population of 26 million people, of which 13 million are counted as workers. The value of Alpha's output in the year 2017 was $221 billion. a. The value for Alpha's output per capita in 2017 is $ b. The value for Alpha's average labor productivity in 2017 is $

The fictitious country Alpha has a population of 26 million people, of which 13 million are counted as workers. The value of Alpha's output in the year 2017 was $221 billion. a. The value for Alpha's output per capita in 2017 is $ b. The value for Alpha's average labor productivity in 2017 is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: From 2015 to 2018, the following statistics apply to Country A and Country B is depicted in the…

A: Nominal GDP includes both the growth and prices. Real GDP shows only the growth in the economy. Real…

Q: Physical Capital Year (Tools per worker) Labor Force (Workers) 2026 15 70 2051 20 70 Output…

A: Labor worker productivity is the economic measurement of the output of the laborers. Higher labor…

Q: explain the reason why, the more developed a country is, the bigger business sector engaged in…

A: Concepts: 1)A developed country is an economy that enjoys a higher level of income and a better…

Q: Fill in the blanks in the table below. Nominal Population growth 3% 0% Country Inflation Real GDP…

A: As per the fisher's equation, Real GDP growth rate = Nominal GDP growth rate - Inflation rate r = n…

Q: An improvement in technology raises labor productivity. e. The United States raises exports of new…

A: A macroeconomic model is the AD-AS, or aggregate demand-aggregate supply model. The aggregate…

Q: Answer the attached question

A: A. Real GDP per person can be calculated as follows: Real GDP per person=Population employed×Average…

Q: In Ergonia, 4 million workers produce a real output of $520 billion in 2018 and the same number of…

A: Labor productivity refers to the output produced by per unit of labour. It is also known as Average…

Q: How do we measure labor productivity? How do changes in labor productivity affect the U.S. standard…

A: Labor productivity of a country measures output produced by the country in an hour for a firm it is…

Q: Physical Capital Year (Printing presses) 2019 2020 100 135 Based on your calculations, productivity…

A: Physical Capital per Worker refers to the amount of physical capital available to each worker in an…

Q: Nation A boosts its economic growth rate from 2% to 2.5%. Nation A has cut the time it takes to…

A: Here, given information is: Initial economic growth: 2% Final economic growth: 2.5% To find:…

Q: By monitoring the worker force, how can we increase productivity

Q: The table provides some data for an economy in 2018 and 2019. Calculate labor productivity in 2018…

A: The labor productivity is the output per unit of labor input within a specific period. Higher labor…

Q: n Lima one worker can produce either 32 bushels of corn of 8 pounds of tomatoes in one day. In Puma…

A: The absolute advantage is the advantage that an economy has over the other economy in producing a…

Q: Thailand's 2018 per capita GDP in International Dollars is $11,000. Per capita GDP (PPP) is $32,000.…

A: The per capita gross domestic product (GDP) is a financial measure that calculates a country's…

Q: With economic growth the share of the second- ary sector in National Product- (A) Rises (B) Falls…

A: In an economy, economy growth represents the inverse in overall output over a period of time and…

Q: How does a country improve its human capital? a) Investing in research and development. b) Investing…

A: Human capital is the skills and knowledge that a person has.

Q: Which country's labor force has a lower productivity? A) Uruguay B) Paraguay C)…

A: The labor productivity is an amount of GDP produced by 1 hour of labor and is measured by dividing…

Q: Cambodinam had a GDP in 2020 of 300 billion pesos. In 2021 its GDP was 330 billion pesos. The…

A: According to the question, GDP in 2020 = 300 billion pesos GDP in 2021 = 330 billion pesos…

Q: Capital Labor United States 75 Machines 225 Workers Brazil _(B)____ A) Brazil or United States B)…

A: We have to check labour-capital(L/K) ratio for both countries

Q: In 2012, the country of Portugal exported goods worth $312 billion and services worth $198 billion.…

A: To calculate the current account balance, we need to add the balance of trade (exports minus imports…

Q: From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth…

A: The Gini coefficient gets used to measure the extent of inequality in an economy by comparing the…

Q: Year 2024 2025 Physical Capital (Servers) 200 480 Labor Force (Workers) Based on your calculations,…

A: In this question we are given with a table and we have to calculate physical capital per worker and…

Q: What is the likely effect on a country's labor productivity if there is significant investment in…

A: Labor productivity shows the workforce productivity. It is the measure of the output produced per…

Q: Macroland's total GDP is $22 trillion, and the labor force is 200 million. The GDP production…

A: Wage refers to the enumeration that firms give its employees on a daily basis or monthly basis or…

Q: Which of the following is related to the disadvantage of foreign direct investment (FDI) on…

A: FDI is long term investment or it is an investment that control the ownership of a firm. Usually the…

Q: Technological change and labor productivity are positively related

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: QUESTION 16 Af 60 per cent of the population in a country is employed and average labour…

A: Labor productivity refers to the output produced per unit labor employed. Number of individuals…

Q: Which of the following is not likely to cause a decrease in labor productivity? a decline in student…

A: Labor productivity measures the output per unit of labor. i.e., Labor productivity = (Output /…

Q: gives 4 US government current policies that affect the real GDP growth, labor force participation…

A: GDP: The gross domestic product, or GDP, can be defined as the final value of the goods and services…

Q: What will be the stage of business/economic cycle of each country in the next three years?

A: The business cycle is the upward and downward fluctuation in GDP that occurs in the economic…

Q: d. Identify and explain the most likely type of unemployment that resulted in an increase in the…

A: Unemployment Once someone actively seeks a job but is unable to do so, this is referred to as being…

Q: If 43,533 worker-hours produced a total output of 950,890 in an economy, then the labor…

A: A producer employs labor to make production activities and tries to compute their productivity to…

Q: How do we measure labor productivity? How do changes in labor productivity affect the US standard of…

A: Labor productivity: the hourly productive output for a country's economy during a period of time is…

Q: Complete the table by calculating physical capital per worker as well as labor productivity. Hint:…

A: The physical capital, labor force, labor hours and output are given as follows.YearPhysical…

Q: Productivity refers to the amount of goods and services produced in a certain country. Select one:…

A: The amount of goods and services produced in a certain country is called production.

Q: 4. Productivity and growth policies Consider a small island country whose only industry is printing.…

A: The production of wealth is directed by human activities. It studies the market for labor services.…

Q: The table below shows labour data for Eturia. Output per Week (millons of cases) 108 118 118 Year…

A: Productivity rate is calculated by dividing the total input from total output. So, Productivity…

Q: From 2009 to 2019, Country X recorded an annual economic growth rate of 5% and an annual labour…

A: Annul economic growth rate 5% and annual labour growth rate of 3% is indicting that economy's output…

Question

The fictitious country Alpha has a population of 26 million people, of which 13 million are counted as workers. The value of Alpha's
output in the year 2017 was $221 billion.
a. The value for Alpha's output per capita in 2017 is $ O
b. The value for Alpha's average labor productivity in 2017 is $

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Cambodinam had a GDP in 2020 of 300 billion pesos. In 2021 its GDP was 330 billion pesos. The inflation rate in Cambodinam in 2020 was 8%. (CPI was 108) Calculate 1. The Nominal GDP growth rate in 2021. 2. The Real GDP in 2021 expressed in 2020 dollars. 3. The Real GDP growth rate in 2021 23
A country's standard of living is best measured by O the population growth rate. O real GDP. O real GDP per capita. the inflation rate, ASUS
Accordin to the picture What do these variables tell us about the future economic performance of the countries?
Consider a small island country whose only industry is printing. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labour 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 labour. Labour Hours Output Labour Productivity Physical Capital (Printing presses) Labour Force Physical Capital per Worker (Workers) (Printing presses) Year (Hours) (Books) (Books per hour of labour) 2026 40 20 1,000 6,000 2027 120 40 1,400 12,600 Based on your calculations, in physical capital per worker from 2026 to 2027 is associated with in labour productivity from 2026 to 20 an increase Suppose you're in charge of a decrease conomic policy for this small island country. Which of the following policies would lead to greater productivity in the printing…
Country C had made foreign investment in countries A and B. Country C had not received any investment from foreign countries. Assuming no person worked outside his/her own country, answer if C’s GDP was higher than, lower than, or equal to C’s GNP.
CALCULATE: Calculate total labor force growth rate in 2022 compared to 2021?
Suppose in 2000, the country of Singsville had a GDP of $120400 and a population of 650. In 2001, GDP increased to $122800 and the population increased to 700. Between 2000 and 2001, did labor productivity increase, decrease, or stay the same in Singsville? Olncrease Ostay the same ODecrease
I need answer typing clear urjent no chatgpt i will give upvote
Clarify statement: "Economic growth, when accounting for inflation, is the increase or improvement in the market value of goods and services. "
In Ergonia, 5 million workers produce a real output of $500 billion in 2018 and the same number of workers produce $540 billion in 2019. a. Ergonia's labour productivity was $ In 2018 and $ b. Ergonia's rate of productivity growth between 2018 and 2019 was [ In 2019. %. Enter your response rounded to 1 decimal place.
An increase in labor productivity means businesses will produce more output with the same amount of labor. Explain
Show Transcribed Text 160) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Digital Camera 100 hours 90 hours 161) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Total a. Assume each country has a total of 9,000 labor hours to devote to the production of the two goods and draw the production possibilities frontier for each country. Put "Digital Camera" on the horizontal axis and "Wheat" on the vertical axis. Be sure to identify the intercept values on your graphs. b. Suppose each country allocates 60% of its labor hours to wheat production and 40% to the production of digital cameras. Complete Table 2-22 below to show each country's output of the two products. Table 2-22: Production and Consumption with no Trade Digital Camera Wheat Output Output…