Please correct answer and don't use hand rating The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustratethe implications for U.S. living standards, suppose that over the 62 years following 2022 the share of the population that is workingreturns 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?Year19602022Average labor productivity$49,545$126,398Share of population employed36.4%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: $ 60039Real GDP per person in 2084: $ 55768.3Net change in real GDP per person between 2022 and 2084: $ 57946, which is an increase of 96.5% from 2022.

Step 1: Calculate the Real GDP per person in 2022.Before, we proceed with the calculations, let us…

Answered: The "graying of America" will…

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...

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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 56 years following 2016 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 1960-2016. Under this scenario, what would be the net change in real GDP per person between 2016 and 2072? Average labor productivity 47,263 110,384 Instructions: Enter your response as whole numbers for dollar values and rounded to one decimal place for percentages. Real GDP per person in 2016: $ Real GDP per person in 2072: $ Net change in real GDP per person between 2016 and 2072: $ Year 1960 2016 Share of population employed 36.4% 46.8% which is an increase of % from 2016.
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
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?
Suppose a company discovers a breakthrough lubricant that reduces the amount of wear on mechanical systems. How will this affect the nation's steady-state level of capital per worker and income per worker? Use either a graph or equation to support your answer.
The following table shows the GDP per capita since 1820 in selectedcountries (in PPP-adjusted 2005 dollars). 1. Identify the countries that experienced catch-up growth from 1920 to2010.
Assume that the growth rate of the capital stock in each period is determined by the level of output in the previous period. 1) An economy of 80 million people has ten percent of them engaged in research and development, where their productivity is 0.0035. The economy is on a balanced growth path, when suddenly 2.88 million people move from goods production into R&D, raising the fraction there to 13.6 percent. In the one period that begins with this labor reallocation, the growth rate of output is ________. [Refer to the instruction above.] A) 2.8% B) 0.0% C) 3.8% D) 2.2%
Canadian real GDP per capita is 50,097 (measured in constant 2017 USD, same for thefollowing numbers) in the year 2019 and 40,489 in the year 1999. Canadian real capital stockper capita is 226,225 in the year 2019 and 155,256 in 1999. Calculate the growth rate of GDPper capita in Canada for these two decades, as well as the contribution from productivitygrowth and that from capital accumulation. You can use a capital share α of 1/3.
Write the production function (human capital (H) is included in TFP) and the logarithmic form of this production function then explain why the GDP growth will be at the end ofa given long period lower than at the beginning of this period, assuming that the average contribution of TFP to GDP average growth during the period is constant.
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 this 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.
Assume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The annual growth rate in West Swimsuit is 2.33%, while in South Darlinia it is 7%. How many years will it take for South Darlinia to catch up to the real per capita GDP of West Swimsuit? What will the income of the two countries be when it is equal? type answer only. Do it correctly. Multiple votes will given accordingly.
The red budget line depicts China in 1980 before there was any Communist Party policy about the number of children a Chinese woman could choose to have. Between 1980 and 2020, Chinese wages and GDP per capita (income) increased due to the abandonment of a Communist/Socialist economic system and a partial movement toward a free market capitalist system. The rotation from the red to the blue budget line depicts higher wages and the increased GDP per capita that resulted. China's One Child Policy All Other Goods (Income) 15K IC6 4K IC, 2020 IC3 1980 8. 1 4 Children (Fertility Rate)
This is an extremely simple human capital accumulation problem. Let ℎ? denote human capital of generation ? (i.e., human capital of people born in year ?). Suppose that human capital accumulates as a result of education spending, denoted by ? and measured in 1,000 US dollars. If ? = 30, the total spending is 30,000 US dollars and human capital of this individual is equal to ℎ? = 2√?Suppose that every individual has the same human capital, and output perindividual is ?? = ?ℎ?where ? > 0 is a fixed technology parameter.Find the (long-run) growth rate of ??. Show all your work, and interpret your results.

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