For three years, there was no technological change in Longland but capital per hour of labour increased from $10 to $20 to $30 and real GDP per hour of labour increased from $3.80 to $5.70 to $7.13. Then in the fourth year, capitalper hour of labour remained constant but real GDP per hour of labour increased to $10. Longland, experience diminishing retums because,OA. does not in the fourth year capital per hour of labour does not changeOB. does; as capital per hour of labour increases, real GDP per hour of labour increases but by smaller amountsOC. does not; as capital per hour of labour increases, real GDP per hour of labour also increasesOD. does; in the fourth year capital per hour of labour does not changeOE. does; all countries experience diminishing returns

This issue is related to the economic idea of "diminishing returns" and is widely explored in…

three years, there was no technological change in Longkand but capital pe hour of labour remained constant but real GDP per hour of labour increas OA. does not in the fourth year capital per hour of labour does not change OB. does; as capital per hour of labour increases, real GDP per hour of las OC. does not as capital per hour of labour increases, real GDP per hour- OD. does; in the fourth year capital per hour of labour does not change E does, all countries experience diminishing res

three years, there was no technological change in Longkand but capital pe hour of labour remained constant but real GDP per hour of labour increas OA. does not in the fourth year capital per hour of labour does not change OB. does; as capital per hour of labour increases, real GDP per hour of las OC. does not as capital per hour of labour increases, real GDP per hour- OD. does; in the fourth year capital per hour of labour does not change E does, all countries experience diminishing res

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is predicted by new growth theory? According to new growth theory, A. economic growth most often occurs in economies with large populations, such as what we see in China today B. technological advances are determined by chance O C. our unlimited wants will lead us to ever greater productivity and perpetual economic growth O D. prosperity will last but growth will not last because eventually technology stops advancing Click to select your answer. 品 esc F2 FA F5 F3 F1 # %24
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Two countries, Alpha and Beta, have identical production possibilities frontiers. If Alpha produces at point A and Beta produces at point B, then O A. Alpha's economic growth rate will exceed Beta's OB. Alpha's and Beta's economic growth rates will be the same OC. Beta's future consumption will be less than than Alpha's O D. Alpha consumes more than Beta today, but it will grow slower than Beta ó Capital goods (per person) B Consumption goods (per person) PPF
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4. The catch-up effect Consider the economies of Sporon and Tralfamadore, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 50 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2018 and 2068. Sporon Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 11 30 1,800 2068 16 30 2,160 Tralfamadore Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 8 30 900 2068 13 30 1,620 Initially, the number of tools per worker was higher in Sporon than in Tralfamadore. From 2018 to 2068, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Sporon…
4. The catch-up effect Consider the economies of Blahnik and Gribinez, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 50 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2019 and 2069. Year 2019 2069 Year 2019 2069 Physical Capital (Tools per worker) 11 16 Physical Capital (Tools per worker) 8 13 Blahnik Labor Force (Workers) 30 30 Output (Gobs of goo) 1,800 2,160 Gribinez Labor Force (Workers) 30 30 Output (Gobs of goo) 900 1,620 Productivity (Gobs per worker) Productivity (Gobs per worker) Initially, the number of tools per worker was higher in Blahnik than in Gribinez. From 2019 to 2069, capital per worker rises by 5 units in each country. amount than productivity in Gribinez. This illustrates The 5-unit change in capital per worker…
Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114