4. The real GDP in the first quarter of 2020 was found to be $500,000 and the number of hours worked was 5,000. In the first quarter of 2021, the real GDP increased to $720,000 while the number of hours worked increased to 6,000. Given these values, solve for labor productivity in both quarters and solve for the growth rate of labor productivity between the two quarters.

4. The real GDP in the first quarter of 2020 was found to be $500,000 and the number of hours worked was 5,000. In the first quarter of 2021, the real GDP increased to $720,000 while the number of hours worked increased to 6,000. Given these values, solve for labor productivity in both quarters and solve for the growth rate of labor productivity between the two quarters.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

See similar textbooks

Similar questions

What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. Why have some countries reduced the gap between their incomes andthat of the United States and other countries failed to do so?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
My courses / ECON202-20202 / My Assessments / MIDTERM EXAM If the US has an average growth rate is 2.1% and South Korea has an average growth rate of 5.%, then South Korea is experiencing of O a. a slower economic growth than the US. b. no economic growth. estion O c. the same economic qrowth as the US. O d. a faster economic growth than the US. Next page A Chapter 6 In Class Practice Jump to... eu are logged in as ABDULRAHMAN ALSAEEM (Log out) Copyright © 2020 All Rights Reserved. MacBook Pro @ 2# % & 2 3 4 5 7 8 A E R T Y ض ق そ A S » G H. J K V B i く 6. つつ > *3
What is the largest contributing factor to human population growth during the 20th and 21st century? a decrease in birth rates an increase in death rates O a decrease in death rates O an increase in birth rates
What were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)
When economists speak of "long-run economic growth, they mean increasing the Select one: O a. real GDP of a country. O O O b. geographic size of a country. c. per capita real GDP of a country. d. population of a country. According to the instructors calculations, the average person in the United States spends Select one: O O O O a. approximately 5 and ½ hours b. about 3 and ½ hours c about 8 hours d. 45 minutes On a graph with savings on the x-axis and real interest rates on the y-axis, the supply of savings curve following the law of supply would: Select one: O O O O a. be horizontal a day in activities needed to continue living (what he described as not dying b. have a negative slope c. be vertical d. have a positive slope
If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the grwoth rate of real GDP per person? The growth rate of real GDP person person is ____ percent.
Which impacts economic growth? O a decrease in the productivity of labor O an increase in the proportion of the population that is college educated O an increase in the average wage rate paid to workers O an increase in the standard of living
What is the best way to measure the rate of economics growth? a. By the annual percentage change in nominal GDP O b. By the annual percentage change in nominal GDP per capita O c. O d. By the annual percentage change in real GDP By the annual percentage change in real GNP per capita Oe. None of the above