Real GDP per person is equal to: a. average labour productivity multiplied by the share of the population employed b. average labour productivity multiplied by the total population c. average labour productivity multiplied by the share of the population unemployed d.average labour productivity multiplied by disposable income
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- The table below lists GDP and GDP growth rates for the countries of Cortania, Microtania, and Boxtown. Fill in the final column, which asks for the GDP in each country 13 years later. Country GDP in $ billions GDP annual growth rate (%) Cortania Microtania Boxtown 10600.00 44000.00 48100.00 3 2 4.5 GlHow do we measure labor productivity? How do changes in labor productivity affect the U.S. standard of living? Does an increase in labor productivity always leads to an increase in standard of living, explain?Explain briefly. Growth Rate of Gross National Product (GNP)
- 1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01Country Real GDP(millions of dollars) Population(millions of people) Country A $3,850 9.05 Country B $3,850 4.21 .Based on the table above, which country has a higher standard of living and why? A. Country B has a higher standard of living because growth in GDP is greater in Country B than in Country A. B. Both countries have the same standard of living because their real GDP is equivalent. C. Country A has a higher standard of living because growth in GDP is greater in Country A than in Country B. D. Country A has a higher standard of living because their real GDP per capita is higher. E. Country B has a higher standard of living because their real GDP per capita is higher.The table below shows labour data for Eturia. Output per Week (millons of cases) 108 Year 2018 2019 2020 118 118 Labour Input (millions of workers) 6.00 6.20 6.10 Productivity Rate a. Calculate the weekly productivity rates for each year. Enter each rate in last column of the table above. Round your answers to one decimal place. b. Labour productivity was highest in the year (Click to select) 2020 2018 2019.
- Which is NOT a source of convergence of GDP (Gross Domestic Product) per capita between rich and poor countries? a) Technology transfer b) International labor market c) Population growth d) Capital accumulationThe table below shows data over several years for a country's real GDP, the number of full-time employed workers (E), and the annual average number of hours worked per worker (H). a. & b. For each of the four years, compute real GDP per worker-a standard measure of labour productivity and a slightly more complex measure of labour productivity-real GDP per hour worked. (Round your answers to the nearest cent.) Year 1 5 10 15 Real GDP $525 billion $574 billion $655 billion $767 billion Full-time Employed Workers (E) 12.7 million 13.5 million 14.5 million 15.2 million Number of Hours Worked per Worker (H) 2011 1961 1937 1905 GDP E GDP EXHWhich of the following refers to those who are interested in assessing the relative standard of living in different countries over a given period? a.Percentage change in nominal GDP b.Population c.Per capita GDP. d.Nominal GDP
- The data below refers to the output produced and sold in Sustainaland; a hypothetical 2-good nation of vegans: Tofu Quinoa Year Price Quantity Price Quantity 2018 $8 300 $3 2000 2019 $9 400 $4 2500 2020 $10 500 $5 3000 (a) Calculate the percentage growth rate in nominal GDP from 2018 to 2019, and 2019 to 2020. (b) Calculate the percentage growth rate in real GDP from 2018 to 2019, and 2019 to 2020, using 2018 as the base year. (c) Calculate the GDP deflator for 2019 and 2020. (d) Using the GDP deflator, calculate the inflation rate in 2020.Suppose in 2000, the country of Singsville had a GDP of $120400 and a population of 650. In 2001, GDP increased to $122800 and the population increased to 700. Between 2000 and 2001, did labor productivity increase, decrease, or stay the same in Singsville? Olncrease Ostay the same ODecreaseI. Nominal GDP and Nominal GDP per capita can best measure the quality of living and standard of living II. Real GDP and Real GDP per capita can best measure quality of living and standard of living III. To compare the standard of living across countries and across time, some correction is needed to account for exchange rates and price changes/differences IV. While useful, GDP is a limited metric in the measurement of the quality of living and the standard of living O All Statements are true Only Statements III and IV are true Only Statements II and III are true Only Statements I and III are true All Statements are false