The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 62 years following 2022 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2022. Under this scenario, what would be the net change in real GDP per person between 2022 and 2084? Year 1960 2022 Average labor productivity Share of population employed $49,545 $126,398 36.4% 47.5% Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages. Real GDP per person in 2022: $ 60039 O Real GDP per person in 2084: $ 55768.3 Net change in real GDP per person between 2022 and 2084: $ 57946 O. which is an increase of , which is an increase of 96.5 96.5 % from 2022.

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter21: Economic Development
Section: Chapter Questions
Problem 1.1P
Question
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The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate
the implications for U.S. living standards, suppose that over the 62 years following 2022 the share of the population that is working
returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2022. Under this scenario,
what would be the net change in real GDP per person between 2022 and 2084?
Year
1960
2022
Average labor productivity
Share of population employed
$49,545
$126,398
36.4%
47.5%
Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages.
Real GDP per person in 2022: $ 60039 O
Real GDP per person in 2084: $ 55768.3
Net change in real GDP per person between 2022 and 2084: $ 57946 O. which is an increase of
, which is an increase of
96.5
96.5 % from 2022.
Transcribed Image Text:The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 62 years following 2022 the share of the population that is working returns to its 1960 level, while average labor productivity increases at the same rate as it did during 1960-2022. Under this scenario, what would be the net change in real GDP per person between 2022 and 2084? Year 1960 2022 Average labor productivity Share of population employed $49,545 $126,398 36.4% 47.5% Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages. Real GDP per person in 2022: $ 60039 O Real GDP per person in 2084: $ 55768.3 Net change in real GDP per person between 2022 and 2084: $ 57946 O. which is an increase of , which is an increase of 96.5 96.5 % from 2022.
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