Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 20, Problem 35P
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
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
If a nation’s productivity grows by 3 percent rather than 1.5 percent over many years, what will be the difference in the nation’s standard of living? Explain.
In 2004, the average productivity of a worker from Canada was $12. Suppose that Canada has a growth rate of 3.2%.
a. What is Canada's productivity after 3 years?
b. What is Canada's productivity after 11 years?
What are the current productivity trends in Australia?
Chapter 20 Solutions
Principles of Economics 2e
Ch. 20 - Explain what the Industrial Revolution was and...Ch. 20 - Explain the difference between property rights and...Ch. 20 - Are there other ways in which we can measure...Ch. 20 - Assume there are two countries: South Korea and...Ch. 20 - What do the growth accounting studies conclude are...Ch. 20 - What policies can the government of a free-market...Ch. 20 - List the areas where government policy can help...Ch. 20 - Use an example to explain why, after periods of...Ch. 20 - Would the following events usually lead to capital...Ch. 20 - What are the advantages of backwardness for...
Ch. 20 - Would you expect capital deepening to result in...Ch. 20 - Why dues productivity growth in high-income...Ch. 20 - How did the Industrial Revolution increase the...Ch. 20 - How much should a nation be concerned if its rate...Ch. 20 - How is GDP per capita calculated differently from...Ch. 20 - How do gains in labor productivity lead to gains...Ch. 20 - What is an aggregate production function?Ch. 20 - What is capital deepening?Ch. 20 - What do economists mean when they refer to...Ch. 20 - For a high-income economy like the United States,...Ch. 20 - List some arguments for and against the likelihood...Ch. 20 - Over the past 50 years, many countries have...Ch. 20 - Labor Productivity and Economic Growth outlined...Ch. 20 - Change in labor productivity is one of the most...Ch. 20 - Refer back to the Work It Out about Comparing the...Ch. 20 - Education seems to be important for human capital...Ch. 20 - Describe some of the political and social...Ch. 20 - Why is investing in girls education beneficial for...Ch. 20 - How is the concept of technology, as defined with...Ch. 20 - What sorts of policies can governments implement...Ch. 20 - As technological change makes us more sedentary...Ch. 20 - An economy starts off with a GDP per capita of...Ch. 20 - An economy starts off with a GDP per capital of...Ch. 20 - Say that the average worker in Canada has a...Ch. 20 - Say that the average worker in the U.S. economy is...
Additional Business Textbook Solutions
Find more solutions based on key concepts
S4–9 Identifying temporary and permanent accounts
Learning Objective 3
For accounts listed, identify whether t...
Horngren's Accounting (12th Edition)
What is contingency management?
Principles of Management
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
Direct, indirect, fixed, and variable costs. California Tires manufactures two types of tires that it sells as ...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
What is the relationship between management by exception and variance analysis?
Cost Accounting (15th Edition)
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
Knowledge Booster
Similar questions
- Where will economic growth come from in the future, and what kind of skills will workers need to have to thrive in this new economy?arrow_forwardCountries X and Y have the same amount of labour and the same level of technology, but country X has less capital. Country X's labour productivity will be __________ Y's and its total factor productivity will be __________ Y's. higher than; lower than higher than; the same as the same as; lower lower than; lower than lower than; the same asarrow_forwardImprovements in their productivity of labor will tend toarrow_forward
- Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level 34. of $25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1% per year while worker productivity in the UK grows 3% per year. After five years, who will have the higher productivity level, and by how much?arrow_forwardAssume an economy has grown by 8% per year over the past 20 years. During the same period, the labour force has grown by 2% per year and the quantity of physical capital has grown by 4% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.33%. Assume that human capital has not changed during the past 30 years. What is the growth rate in Physical Capital per worker over this time period? What is the growth rate in output per worker over this time period? How much has technological progress contributed to productivity growth?arrow_forwardCalculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth=2.6 percent; real output growth = -1.4 percent. Real growth per capita:% b. Estonia: population growth=-0.3 percent; real output growth 4.3 percent. Real growth per capita: % c. India: population growth = 2.1 percent; real output growth 6.2 percent. Real growth per capita: % d. United States: population growth = 0.4 percent; real output growth 2.6 percent. Real growth per capita: %arrow_forward
- What actions could the government take to increase labor productivity? Name twoarrow_forwardif two countries have the same Savings rates why is there Growth rates different?arrow_forward2. Choose 1 country from Latin America, or Africa, or Asia. Find its birth (fertility) rate, death (mortality) rate, and population growth rate in 2021 or 2022. (You can use any source of information but make sure you mention this source in your answer.) Based on the information you find; calculate how many years will it take for this country to double its population.arrow_forward
- What policies should the United States pursue to encourage economic growth? In what ways do these policies promote gains in productivity or support advances in technology and innovation?arrow_forwardIf a country had a falling population or one with a zero growth rate is it expected that the country has a target level of Non-farm Payroll Employment (NFPE) that is higher, lower, or equal with a country that has a growing population?arrow_forwardAssume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The annual growth rate in West Swimsuit is 2.33%, while in South Darlinia it is 7%. How many years will it take for South Darlinia to catch up to the real per capita GDP of West Swimsuit? What will the income of the two countries be when it is equal? solve it correctly please. I will rate accordingly. Ty-ped answer please...arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author: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
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning