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- Economist believe there is a strong correlation between productivity and the standard of living? Discuss.
[HINT: In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of living.]
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- Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?Economist believe there is a strong correlation between productivity and the standard of living? Discuss. [HINT: In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of living.]Economist believe there is a strong correlation between productivity and the standard ofliving? [HINT: In your answer be sure to explain what productivity and standard of living mean.Make a list of things that determine labour productivity and explain how each of them havean impact on the standard of living.]
- a. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with rich ones. b. Economist belive there is a strong correlation between productivity and the standard of living? Discuss. [Hint: in your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of living]a. Considering the determinants of productivity, list and explain some things thatwould tend to prohibit or limit a poor country’s ability to catch up with rich ones.b. Economist believe there is a strong correlation between productivity and the standard ofliving? Discuss.[HINT: In your answer be sure to explain what productivity and standard of living mean.Make a list of things that determine labour productivity and explain how each of them havean impact on the standard of living.]31. Which of the following happens when the country's labour is more productive? a.A decrease in total factor productivity b.An increase in real wage c.An increase in real production d.A decrease in factor income
- Use the following table to calculate nominal and real (inflation-adjusted) growth in Country A's GDP per capita. Based on your calculation, which of the following is true? [Select one answer] Year Nominal per capita GDP CPI (price index) Real per capital GDP Year 1 1000 1 1000 Year 2 1500 1.1 1363.64 There is not enough information to calculate the growth rate The nominal growth is 36.36% The nominal growth is 50% The nominal growth rate is 500%1. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country’s ability to catch up with rich ones. 2. Economist believe there is a strong correlation between productivity and the standard of living? Discuss. [HINT: In your answer, be sure to explain what productivity and standard of living mean. Make a list of things that determine labour productivity and explain how each of them have an impact on the standard of living.]3) Consider the table below containing data for Germany and Japan on the ratio of employment to population in 1980 and 2010. 1980 2010 Germany Japan 0.33 0.52 0.48 0.49 Using data on real GDP per person from table below, find average labor productivity for each country in 1980 and 2010. How much of the increase in output per person in each country over the 1980 to 2010 period is due to increased labor productivity? To increased employment relative to population? Country 1870 1913 1950 1980 1990 2010 Annual % Annual % change change 1870-2010 1950-2010 Annual % change 1980-2010 Japan China 530 Brazil 713 811 India 533 673 Ghana 439 781 United States 2,445 5,301 9,561 18,577 23,201 30,491 United Kingdom 3,190 4,921 6,939 12,931 16,430 23,777 Germany 1,839 3,648 3,881 14,114 15,929 20,661 18,789 21,935 1,061 1,871 8,032 5,195 4,920 6,879 938 1,309 1,157 1,062 1.8 2.0 1.7 1.4 2.1 2.1 1.7 2.8 1.3 737 1,387 1,921 13,428 552 448 2.5 4.1 1.6 2.0 4.9 7.0 1,672 1.6 2.4 0.9 619 3,372 1.3 2.9 4.4…
- 2. The determinants of productivity Suppose there is a simple hypothetical economy in which the only industry is cloud computing. In the cloud computing field, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of lines of code one programmer authors per hour. Natural Resources per Worker Physical Capital Technological per Worker Knowledge In the following table, select the appropriate productivity determinant that represents each example. Examples The additional education workers receive from new computer science course offerings A new data security process that makes the industry's network more secure The rare earth metals that serve as inputs to production of computers The server hardware on which data is stored Human Capital per Worker ° о оThere is a chart for quesition 2 that is attached as an image. Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period? Hint: The quantity of labor and increases in labor productivity are important sources of economic growth. Between 1953 and 2015, in the US economy the labor force increased from 63 million to 158 million workers. Productivity growth has usually been the more significant factor. To calculate real GDP in a given year you have to multiply hours worked by productivity. 2. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its…% Robots on the farm Commercial farms of the future may be staffed by robots that will identify, spray, and pick individual pieces of produce from plants, even when their targets are grapes, peppers, and apples that are as green as the leaves that surround them. Robots could also offer a timely supply of labor in many places, where there simply aren't enough itinerant workers available at the right times in the harvesting cycle. Source: ABC News, April 17, 2011 How will the use of robots change the value of marginal product of farm workers? Robots will the value of marginal product of fruit pickers. A. decrease OB. increase O c. have no effect on O D. decrease to zero OE. sometimes increase and sometimes decrease 6 COM & 7 8 C 9 # 0 Next mpts tact Us | =S
