The table sets out information about the economy of Nautica. Table 1 Labor hours Real GDP What is the quantity of labor employed, potential GDP, the real wage rate, and total labor income? (per day) (2012 dollars per year) The quantity of labor employed is hours a day 10 100 20 180 30 240 40 280 Table 2 Real wage rate Quantity of labor demanded Quantity of labor supplied (2012 dollars (hours per day) 50 per hour) 1.00 10 40 20 30 0.80 30 20 0.60 40 0.40

The table sets out information about the economy of Nautica. Table 1 Labor hours Real GDP What is the quantity of labor employed, potential GDP, the real wage rate, and total labor income? (per day) (2012 dollars per year) The quantity of labor employed is hours a day 10 100 20 180 30 240 40 280 Table 2 Real wage rate Quantity of labor demanded Quantity of labor supplied (2012 dollars (hours per day) 50 per hour) 1.00 10 40 20 30 0.80 30 20 0.60 40 0.40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 1 Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country of Moldovokia. Real wage rate Quantity of labor Quantity of labor demanded supplied What is potential GDP if a decrease in the population changes the quantity of labor supplied by 20 billion hours at each real wage rate? (2012 dollars per hour) 15 (billions of hours per year) 20 60 20 50 30 Potential GDP is $ trillion. 25 40 40 30 30 50 35 20 60 Table 2 Labor Real GDP (trillions of 2012 dollars) 2.0 (billions of hours per year) 20 30 2.7 40 3.2 50 3.5 60 3.6 Enter your answer in the answer box. ? MacBook Air esc 80 000 000 DII DD F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 2$ & * 1 2 3 7 8 delete Q W E Y U { [ A S F G %3D K L D.
(Table: Employment Data) If marginally attached workers are included in the labor force, the number of persons in the labor force is million. Table: Employment Data Full-time employed 20 million Not working but looking for work 2 million Part-time employed 10 million Discouraged workers 33 011 32 1 million 27
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Question 34
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