Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 22, Problem 2TY
To determine
The change in output.
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If output rises by 35 percent while hours of work increase by 40 percent, has productivity increased or decreased? By how much?
What correlation lies between productivity and the standard of living?
Assume there are 100 workers and each worker produces 100 outputs. If the workforce is growing by 1% a year but productivity does not improve, how fast can output increase?
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Economics: Principles & Policy
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- 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.arrow_forwardwhy do economist believe there is a strong correlation between productivity and the standard of living?arrow_forwardAn increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forward
- Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?arrow_forwardDescribe the various components of fluctuations in economic activity over time. Because economic activity fluctuates, how is long-term growth possible?arrow_forwardIf two economies are identical, except the savings rate in one economy is higher, explain why we might expect the economy with the higher savings rate to grow faster and in that sense be healthier.arrow_forward
- Refer to the graph shown below. At point A: Which is true? A: the economy has full employment B: economic growth is declining C: inflation tends to be declining D: wages can be lowered due to worker surplusarrow_forwardGo to a recent issue of The Economist magazine. In the back of each issue is a section called “economic indicators.” That section lists the most recent growth data for a substantial number of countries. Which countries around the world are growing most rapidly according to the most recent data? Which countries around the world are growing more slowly? Flip through the stories in The Economist to see if there is any explanation for the pattern that you observe. Write a brief essay on current general economic conditions around the world.arrow_forward
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