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…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter21: Economic Development

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Similar questions

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?
Justify for the correct option
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.
In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. What are the equilibrium real wage rate, labor productivity, and potential GDP in 2019? In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. Does the standard of living in this economy increase in 2019? Explain why or why not. Suppose the following data describe a nation's population: Year 1 Year 2 Population 300 million 305 million Labor force 150 million 160 million Unemployed 7 million 7.2 million a. What is the unemployment rate in each year? How has the number of unemployed changed from year 1 to year 2 (must give the specific amount of change)? How is this apparent discrepancy between (a) and (b) explained?
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.

SEE MORE QUESTIONS

Recommended textbooks for you

ECON MICRO

Economics

ISBN:

9781337000536

Author:

William A. McEachern

Publisher:

Cengage Learning

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

ECON MICRO

Economics

ISBN:

9781337000536

Author:

William A. McEachern

Publisher:

Cengage Learning

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

Microeconomics: Private and Public Choice (MindTa…

Economics

ISBN:

9781305506893

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Economics: Private and Public Choice (MindTap Cou…

Economics

ISBN:

9781305506725

Author:

James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:

Cengage Learning

Economics:

Economics

ISBN:

9781285859460

Author:

BOYES, William

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS