Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 22, Problem 22.1RDE
Sub part (a):
To determine
The relationship between labor productivity in the manufacturing sector and non-farm business sector.
Sub part (b):
To determine
The relationship between labor productivity in the manufacturing sector and non-farm business sector.
Sub part (c):
To determine
The relationship between labor productivity in the manufacturing sector and non-farm business sector.
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Use the following table to calculate nominal and real (inflation-adjusted) growth in Country A's GDP per capita. Based on your calculation, which of the following is true? [Select one answer]
Year
Nominal per capita GDP
CPI (price index)
Real per capital GDP
Year 1
1000
1
1000
Year 2
1500
1.1
1363.64
There is not enough information to calculate the growth rate
The nominal growth is 36.36%
The nominal growth is 50%
The nominal growth rate is 500%
The tables set out information about the economy of Athabasca.
Calculate the quantity of labor employed, the real wage rate, and potential GDP.
Table 1 Production Function
Labor hours
Real GDP
The quantity of labor employed is
million hours.
(millions)
(millions of 2012 dollars)
25
500
50
975
75
1,425
100
1,850
125
2,250
Table 2 Labor Market
Real wage
Quantity of
labor demanded
Quantity of labor
supplied
rate
(2012 dollars
per hour)
(millions of hours per year)
20
25
125
19
50
100
18
75
75
17
100
50
16
125
25
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The table sets out information about the economy of Nautica.
What is the quantity of labor employed, potential GDP, the real wage rate, and total labor income?
Table 1
The quantity of labor employed is
hours a day.
Labor hours
Real GDP
(per day)
(2012 dollars per year)
10
100
20
180
30
240
40
280
Table 2
Real
wage rate
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per hour)
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labor demanded
Quantity of
labor supplied
(hours per day)
10
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50
0.80
20
40
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30
30
0.40
40
20
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Chapter 22 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 22 - Prob. 22.1.1RQCh. 22 - Prob. 22.1.2RQCh. 22 - Prob. 22.1.3PACh. 22 - Prob. 22.1.4PACh. 22 - Prob. 22.1.5PACh. 22 - Prob. 22.1.6PACh. 22 - Prob. 22.1.7PACh. 22 - Prob. 22.1.8PACh. 22 - Prob. 22.2.1RQCh. 22 - Prob. 22.2.2RQ
Ch. 22 - Prob. 22.2.3RQCh. 22 - Prob. 22.2.4RQCh. 22 - Prob. 22.2.5PACh. 22 - Prob. 22.2.6PACh. 22 - Prob. 22.2.7PACh. 22 - Prob. 22.2.8PACh. 22 - Prob. 22.2.10PACh. 22 - Prob. 22.2.11PACh. 22 - Prob. 22.2.12PACh. 22 - Prob. 22.3.1RQCh. 22 - Prob. 22.3.2RQCh. 22 - Prob. 22.3.3PACh. 22 - Prob. 22.3.4PACh. 22 - Prob. 22.3.5PACh. 22 - Prob. 22.3.6PACh. 22 - Prob. 22.4.1RQCh. 22 - Prob. 22.4.2RQCh. 22 - Prob. 22.4.3RQCh. 22 - Prob. 22.4.4PACh. 22 - Prob. 22.4.5PACh. 22 - Prob. 22.4.6PACh. 22 - Prob. 22.4.8PACh. 22 - Prob. 22.4.9PACh. 22 - Prob. 22.4.10PACh. 22 - Prob. 22.4.11PACh. 22 - Prob. 22.4.12PACh. 22 - Prob. 22.5.1RQCh. 22 - Prob. 22.5.2RQCh. 22 - Prob. 22.5.3PACh. 22 - Prob. 22.5.4PACh. 22 - Prob. 22.5.5PACh. 22 - Prob. 22.5.6PACh. 22 - Prob. 22.5.7PACh. 22 - Prob. 22.5.8PACh. 22 - Prob. 22.5.9PACh. 22 - Prob. 22.1RDECh. 22 - Prob. 22.2RDECh. 22 - Prob. 22.3RDE
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