ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 6P
To determine
(a)
Change in manufacturing output since 2000.
To determine
(b)
Change in employment since 2000.
To determine
(c)
Change in productivity since 2000.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Productivity often rises during economic expansions and falls during economic recessions. Can you think of reasons why? Briefly explain. (Hint: Remember that the level of productivity involves both levels of output and levels of labor input.)
Suppose Nation B has 8,623 labor hours each year to produce burgers and fries. Burgers take 13 hours to produce each, and fries take 7 hours to produce each. Suppose Nation B also sees a sudden surge in working-age immigrants, leading to 26% higher labor hours each year. What is the maximum number of fries is Nation B able to produce in a year after this surge of immigration? Round your answer to one place after the decimal point (0.1).
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
2032
2033
Physical
Capital
(Servers)
160
180
Labor
Force
(Workers)
Based on your calculations,
productivity from 2032 to 2033.
40
60
Physical Capital per
Worker
(Servers)
Labor
Hours
(Hours)
2,000
3,900
Output
(TB of data
storage)
20,000
29,250
in physical capital per worker from 2032 to 2033 is associated with
Labor Productivity
(TB of data storage per hour of
labor)
Suppose you're in charge of establishing economic policy for this small island country.
Which of the following policies would lead to greater productivity in the cloud computing industry? Check all that apply.
Imposing a tax on servers
Subsidizing research and development into new cloud computing technologies
Offering free public…
Knowledge Booster
Similar questions
- An article in the Wall Street Journal observes: “For 2008, productivity grew an astounding 2.8% from 2007 even as the economy suffered through its worst recession in decades.” How is it possible for labor productivity to increase if output is falling?arrow_forwardSuppose a country has a population of 120 people, a working-age population of 100 people, its labor force participation rate is 0.5 (50%), and the quantity of output is 60 units. Suppose that the production function of the economy is given by Y=2N, where Y represents the quantity of output and N represents the number of workers needed to produce the output. I know the answer is 0.4 but I don't understand how to get it. Thank you!arrow_forwardConsider a hypothetical small island nation in which the only industry is cloud computing. The following table displays information about the economy over a two year period.. 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 2046 2047 Physical Capital (Servers) 120 400 Labor Force (Workers) Based on your calculations, productivity from 2046 to 2047. 60 100 Physical Capital per Worker (Servers) Labor Hours (Hours) 3,300 3,500 Output (TB of data storage) 23,100 49,000 in physical capital per worker from 2046 to 2047 is associated with Suppose you're in charge of establishing economic policy for this small island country. Labor Productivity (TB of data storage per hour of labor) Which of the following policies would lead to greater productivity in the…arrow_forward
- Consider a hypothetical small island nation in which the only industry is weaving. The following table displays information about the economy over a two year period. 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. Physical Capital (Looms) 120 Year 2037 2038 400 Labor Force (Workers) 60 100 Based on your calculations, productivity from 2037 to 2038. Physical Capital per Worker (Looms) Labor Hours Imposing a tax on looms (Hours) 3,000 3,500 Suppose you're in charge of establishing economic policy for this small island country. Output (Tapestries) 21,000 49,000 in physical capital per worker from 2037 to 2038 is associated with Which of the following policies would lead to greater productivity in the weaving industry? Check all that apply. Imposing…arrow_forwardWhy was Land Use Reform a successful policy in several Asian countries in promoting economic growth? By making public land available for farming, peasant farmers could rotate crops more easily. By making all farmland publicly owned, farmers could collectively work to maximize their yields. O By reallocating farmland for use in manufacturing, industrialization was incentivized. O By taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive to improve their yields.arrow_forwardAn increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forward
- [Related to Don't Let This Happen To You!] Use the data for the country of New Finlandia in the following table to calculate the following: REAL GDP PER CAPITA (2005 PRICES) YEAR 2010 2011 2012 2013 2014 $41,551 42,814 42,264 43,044 43,015 (HINT: Remember from the previous chapter that the average annual growth rate for relatively short periods can be approximated by averaging the growth rates of those years.) a. The percentage increase in real GDP per capita between 2010 and 2014 is 3.52 %. (Enter your response rounded to two decimal places.) b. The average annual growth rate in real GDP per capita between 2010 and 2014 is%. (Enter your response rounded to two decimal places.)arrow_forwardA typical U.S. worker today works fewer than 40 hours per week, while in 1890, he or she worked 60 hours per week. Does this difference in the length of work weeks matter in comparing the economic well-being of U.S. workers today with that of 1890? Or can we use the difference between real GDP per capita today and in 1890 to measure differ- ences in economic well-being while ignoring differences in the number of hours worked per week? Briefly explain.arrow_forwardSay 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?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning