lia Homework: Production and Growth Due Today at 11:59 PM MDT Activity Information Consider a small Island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year 2013 2014 Physical Capital (Looms) 120 400 Based on your calculations, from 2013 to 2014. Labor Force (Workers) 60 100 Physical Capital per Worker (Looms) Labor Hours (Hours) 3,300 3,500 Output (Garments) 23,100 49,000 in physical capital per worker from 2013 to 2014 is associated with an increase Suppose you're in charge of a decrease conomic policy for this small island country. Labor Productivity (Garments per hour of labor) Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Subsidizing research and development into new weaving technologies O Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving Imposing restrictions on foreign ownership of domestic capital in labor productivity
lia Homework: Production and Growth Due Today at 11:59 PM MDT Activity Information Consider a small Island country whose only industry is weaving. The following table shows information about the small economy in two different years. Complete the table by calculating physical capital per worker as well as labor productivity. Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor. Year 2013 2014 Physical Capital (Looms) 120 400 Based on your calculations, from 2013 to 2014. Labor Force (Workers) 60 100 Physical Capital per Worker (Looms) Labor Hours (Hours) 3,300 3,500 Output (Garments) 23,100 49,000 in physical capital per worker from 2013 to 2014 is associated with an increase Suppose you're in charge of a decrease conomic policy for this small island country. Labor Productivity (Garments per hour of labor) Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts Subsidizing research and development into new weaving technologies O Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving Imposing restrictions on foreign ownership of domestic capital in labor productivity
Chapter1: Making Economics Decisions
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Transcribed Image Text:lia Homework: Production and Growth
Due Today at 11:59 PM MDT
Activity Information
Consider a small Island country whose only industry is weaving. The following table shows information about the small economy in two different years.
Complete the table by calculating physical capital per worker as well as labor productivity.
Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as
the quantity of goods per hour of labor.
Year
2013
2014
Physical Capital
(Looms)
120
400
Based on your calculations,
from 2013 to 2014.
Labor Force
(Workers)
60
100
Physical Capital per Worker
(Looms)
Labor Hours
(Hours)
3,300
3,500
Output
(Garments)
23,100
49,000
in physical capital per worker from 2013 to 2014 is associated with
an increase
Suppose you're in charge of a decrease conomic policy for this small island country.
Labor Productivity
(Garments per hour of labor)
Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply.
O Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
O Subsidizing research and development into new weaving technologies
O Sharply increasing the interest rate on student loans to people pursuing advanced degrees in weaving
Imposing restrictions on foreign ownership of domestic capital
in labor productivity
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