EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 6.7, Problem 4MQ
To determine
To comment on the given historical changes in labor productivity.
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Check out a sample textbook solutionStudents have asked these similar questions
For a given level of technology, the level of labor productivity would increase in all of the following situations except when:
A. there is an increase in natural resources per worker
B. there is an increase in human capital per worker
C. there is an increase in physical capital per worker
D. there is an increase in labor
Which of the following does NOT influence the
growth of labor productivity?
discovery of new technologies
saving and investment in physical capital
population growth
expansion of human capital
Which of the following would increase labor productivity?
a decrease in amount of capital per unit of labor
technological advance
a decrease in the unemployment rate
an increase in the number of inexperienced workers entering the labor force
Chapter 6 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 6.2 - Prob. 1TTACh. 6.2 - Prob. 2TTACh. 6.2 - Prob. 1MQCh. 6.2 - Prob. 2MQCh. 6.3 - Prob. 1TTACh. 6.3 - Prob. 2TTACh. 6.3 - Prob. 1MQCh. 6.3 - Prob. 2MQCh. 6.4 - Prob. 1TTACh. 6.4 - Prob. 2TTA
Ch. 6.5 - Prob. 1MQCh. 6.5 - Prob. 2MQCh. 6.5 - Prob. 3MQCh. 6.6 - Prob. 1TTACh. 6.6 - Prob. 2TTACh. 6.7 - Prob. 1MQCh. 6.7 - Prob. 2MQCh. 6.7 - Prob. 3MQCh. 6.7 - Prob. 4MQCh. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - Prob. 6.1PCh. 6 - Prob. 6.2PCh. 6 - Prob. 6.3PCh. 6 - Prob. 6.4PCh. 6 - Prob. 6.5PCh. 6 - Prob. 6.6PCh. 6 - Prob. 6.7PCh. 6 - Prob. 6.8PCh. 6 - Prob. 6.9PCh. 6 - Prob. 6.10P
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Similar questions
- For each of the following, identify which inputs into the production function changed(i.e., Physical Capital, Human Capital, or Labor). Also identify whether this phenomenon will increase or decrease economic growth.(a) The government increases federal aid for students to go to college.(b) States embark on a program to increase charging networks for electric cars.(c) A big chunk of the population decides to drop out of the workforce to spend moretime playing video games.arrow_forwardAn increase in labor productivity means businesses will produce more output with the same amount of labor. Explainarrow_forwardWhat are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?arrow_forward
- If capital per worker decreases, real GDP per hour of labour Answers: increases because the level of technology increases. decreases because the level of technology decreases. increases for a given level of technology. decreases for a given level of technology. none of the abovearrow_forwardConsider 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. Year 2032 2033 Physical Capital Labor Force Physical Capital per Worker Labor Hours (Looms) (Workers) (Looms) (Hours) 120 60 3,000 400 100 3,500 Based on your calculations, productivity from 2032 to 2033. Output Labor Productivity (Tapestries) (Tapestries per hour of labor) Suppose you're in charge of establishing economic policy for this small island country, 21,000 49,000 in physical capital per worker from 2032 to 2033 is associated with Which of the following policies would lead to greater productivity in the weaving industry? Check all…arrow_forwardDetermine which of the following statement about economic growth and labour productivity is true or false. Statement In attempt to reduce unermployment and to discourage layoffs, the government requires firms to continue paying the salary of any worker who loses their job until they find a new one. Therefore, firms will have little incentive to lay off False their workers and help to promote growth in labour productivity. The government should not channel research and development funds to private industry because it will not pay off to the economy as a whole and only benefits the owners of these corporations. [ Select] Nextarrow_forward
- Why does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?arrow_forwardWhich of the following statements about labour productivity (Y/L), also known as the average product of labour are correct? Select one or more: a. A rise in labour productivity must imply job losses b. If Y is fixed A rise in labour productivity must imply job losses c. With a standard production function, if L falls, without any change in technology or capital intensity, labour productivity must rise d. A rise in labour productivity at the same time as a rise in employment is logically impossiblearrow_forwardConsider 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_forward
- Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (1)An increase in the number of machines used in production (2) An increase in the population growth rate (3) A new technological innovationarrow_forwardWhy don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?arrow_forward
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