The top table describes an economy's labor market and the bottom table describes its production function. Real wage rate (2012 dollars per hour) Labor hours supplied Labor hours demanded 80 70 60 50 40 30 105 90 75 60 45 30 15 30 45 60 75 90
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- What are typical GDP patterns for a high-income economy like the United States in the long run and the short run?Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how much was inflation?Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
- Why is the GDP deflator not an accurate measure of inflation as it impacts a household?What are the main components of measuring GDP with what is demanded?Practice 2 Sovyl Consider the following data on the X-product: 50 GDP deflator year price of X quantity of X Nominal GDP (base year 2005) 2010 $11.50 105,000 125 2011 $11.96 106,000 130 a) What was the growth rate of nominal GDP between 2010 and 2011? b) What was the growth rate of the GDP deflator between 2010 and 2011? c) What was real GDP in 2010 measured in 2005 price? d) What was real GDP in 2011 measured in 2005 price?
- The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. Question Help v Table 1 Production Function The quantity of labor employed is million hours. Labor hours Real GDP (millions of 2012 dollars) (millions) 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) Question Viewer 20 25 125 19 50 100 18 75 75 17 100 50 16 125 25 (? Enter your answer in the answer box and then click Check Answer. Check Answer Clear All parts remaining MacBook Air DD F12 DII F11 F10 F9 00נ F8 F7 20 F6 F5 F4 F3 F2 esc F1 & @ $ 7 8 ! 4 1 2 P W E %3D Q tab J K G H F 00 3.Question 4Using your knowledge and understanding of supply and demand analysis to graph the following and explain your graph:a) an increase in labour productivityb) an increase in preference for workc) the trade union withdraws labour through a strike.Question 5Year 2010 2011 2012 2013 2014 2015Economic Growth (%) 2.7 1.7 1.3 2.7 2.5 1.9Unemployment (%) 9.6 8.9 8.1 7.4 6.2 5.3Examine the data on the economic growth and unemployment rate for 2010-2015(i) What trends do you observe in the unemployment rate? In economic growth?(ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship)…% Robots on the farm Commercial farms of the future may be staffed by robots that will identify, spray, and pick individual pieces of produce from plants, even when their targets are grapes, peppers, and apples that are as green as the leaves that surround them. Robots could also offer a timely supply of labor in many places, where there simply aren't enough itinerant workers available at the right times in the harvesting cycle. Source: ABC News, April 17, 2011 How will the use of robots change the value of marginal product of farm workers? Robots will the value of marginal product of fruit pickers. A. decrease OB. increase O c. have no effect on O D. decrease to zero OE. sometimes increase and sometimes decrease 6 COM & 7 8 C 9 # 0 Next mpts tact Us | =S
- Q.3.3 Year (Base year) 2018 2019 2020 2021 Cost of a basket (R) of consumer goods/services Show how gross national product (GNI) can be derived from gross domestic product (GDP). 1850 2190 2380 2560The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is million hours. Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 20 19 18 17 16 Real GDP (millions of 2012 dollars) 100 195 285 370 450 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 25 10 5The 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 Enter your answer in the answer box and then click Check Answer. Check Answer Clear All parts remaining MacBook DII DD F11 F12 888 J00 DOO :こ F10 F9 20 F7 F8 F6 F5 F4 F3 esc F2 F1 & % ! @ # 6. 7 8 3 4 5 1 2 P Y [ Q W E R tab | K G A S D leck %24