Let’s see how GDP per person can be affected by changes in the fraction of citizens who work. This fraction is better known as the employment–population ratio. To keep things simple, let’s assume that every employed worker produces $50,000 worth of output. If the employment–population ratio is 50%, what is GDP per person? $     If the employment–population ratio rises to 55%, what is GDP per person?

Suppose that a person's life is divided into two periods. A period of poor economic times, when this person earns $28 per hour of work, and a period of good economic times when they earn $42 per hour. The person cannot work more than 2000 hours in a single period, but they want to earn $107,000 total across both periods. What is the minimum number of hours this person needs to work total? Round your answer to two decimal places. Then take a second and thing about what is happening to GDP in each time period and connect the dots to Real Business Cycle Theory.

In a country called Uncle Sam Land (USL), the labor demand curve is given by:W = K- 4LWhere W is the wage rate, K is a variabledetermined by accumulated capital stock in thecountry, and L is the labor force in the country.K= 50 is supplied by the capitalists.If the labor force in this country goes up from 10 to 11, what happens to the national income in USL?National Income = income of all workers + income of all capitalists.Select one:a. Does not changeb. Goes down by 44c. Goes up by 8d. Goes up by 26e. None of the above.

Consider the following table that describes how everyone living in medieval England was classified. Total Population in Medieval England 25,000 # of merchants (selling clothing, jewelry, perfume, shoes, misc. items) # of people currently without work, but seeking employment # of students enrolled full-time in university 1,250 800 700 # of people working in the ale, wine and beer industry 1,200 # of people in building (blacksmiths, stone cutters, wood carvers, builders) 3,500 # of scholars and teachers 2500 # serving out prison sentences in the dungeons 1,500 # of wives raising children and running their own households # of servants working for royalty or aristocrats # of children enrolled in schools 600 3,000 900 # of people in the agricultural/livestock industry (ranchers, stable boys) 2,750 # serving as soldiers to defend the country 1,000 # of people not seeking work (members of the aristocracy) # of people in the food/drink industry (cooks, butchers) # of patients living in mental…