ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Which of the following explanations have been offered as reasons for this change in productivity? Check all that apply.
A. Advances in information technology
B. Lagging investments
C. Inadequate workforce skills
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- Explain how each of the following contributed to fast or slow growth in labor productivity and to which era the factor most clearly applies (pre-1970, 1970s to 1995, 1995 to 2004, after 2004). 1. Increase in female labor-force participation 2. Completion of the interstate highway system 3. Retirement of the baby boom generation 4. Invention of the Internet and World Wide Webarrow_forwardXplain how advances in technology change labor productivity. Do diminishing returns arise? Provide an example of an advance in technology. Use a graph of the productivity curve to illustrate your answer.arrow_forward(a) Explain the concept of labor productivity as interpreted in macroeconomic analysis. (b) Name and explain the two most important sources of growth in the labor productivity in an economy.arrow_forward
- please answer part 3arrow_forwardPhysical capital is the factories and machinery used to produce other goods and services. ● e ● ● the talents, training, and education of workers. the financial resources available for investment. the physical labor of workers.arrow_forwardA productivity increase is illustrated by a shift in the production function a. upward. b. rightward. c. downward. d. leftward.arrow_forward
- Labor productivity and economic growth outlined the logic of how increased productivity is associated with increased wages. Detail a situation where this is NOT the case and explain what it is not? Please read over this question carefully.arrow_forwardThe table below represents Freedonia's macroeconomic data for 2003 and 2004. Year Y K 2003 2000 1700 70 2004 2100 1785 75 a. What is the economic growth rate of Freedonia from 2003 to 2004? Show your calculation. b. What is the capital growth rate from 2003 to 2004? Show your calculation. c. What is labor growth rate from 2003 to 2004? Show your calculation. d. Suppose the production function is given by Y = AKO.25L0.75. Use two %3D approaches to solve for the growth rate of total factor productivity (A) from 2003 to 2004. Show your calculation.arrow_forwardAsaaaarrow_forward
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