Question

Table 1

Item 1998 1999

Aggregate Hours Worked (billions) 25.0 25.2

Real GDP (billions of 1992 dollars) 840 880

a) Calculate the growth rate of real GDP in 1999.

b) Calculate labor productivity in 1998.

c) Calculate labor productivity in 1999.

d) Calculate the growth rate of labor productivity in 1999.

(Hint: Labor productivity is real GDP per hour of labor; that is, it is real GDP divided by aggregate hours worked).

Answer #1

a. Growth rate of real GDP can be calculated as:

[(Real GDP in 1999 - Real GDP in 1998) ÷ Real GDP in 1998] × 100

Or,[( 880-840)÷840] × 100 = (40÷840)×100 = 4.76%.

Thus, the growth rate of real GDP is 4.76%.

b. Labor productivity in 1998 = Real GDP in 1998 ÷ Aggregate hours worked in 1998

Or, 840÷25 = $33.6 per hour of work

c. Labor productivity in 1999 = Real GDP in 1999 ÷ Aggregate hours worked in 1999

Or, 880 ÷ 25.2 =$ 34.92 per hour of work

d. Growth rate of labor productivity in 1999:

[Labor productivity in 1999 - Labor productivity in 1998) ÷ Labor productivity in 1998 ]×100

Or,[( 34.92 - 33.6 )÷33.6] × 100

Or, 3.928%

Thus, the growth rate of labor productivity is 3.928%.

Labor productivity and GDP
1. The following table shows data for
a hypothetical economy in 2006 and 2007.
Use the table to answer the questions that
follow.
(Hint: When calculating growth rate for
population use the following formula: Population Growth
Rate=Population in 2007−Population in 2006Population in
2006×100Population Growth Rate=Population in 2007−Population in
2006Population in 2006×100. You will need to use similarly
structured formulas for calculating growth rate of real GDP per
person and the growth rate of labor productivity).
2006...

The following table shows data for a hypothetical economy in
2006 and 2007.
Use the table to answer the questions that follow.
(Hint: When calculating growth rate for population use the
following formula: Population Growth Rate=Population in
2007−Population in 2006Population in 2006×100Population Growth
Rate=Population in 2007−Population in 2006Population in 2006×100.
You will need to use similarly structured formulas for calculating
growth rate of real GDP per person and the growth rate of labor
productivity).
2006
2007
Population
400,000
412,000
Number...

Based on the data in the table below, explain what happened to
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Real GDP ($Billions 1992 chain weighted) $12,100 $11,900

The quantity of goods and services that can be produced by one
worker or by one hour of work is referred to as
Select one:
a. technology.
b. human capital.
c. labor productivity.
d. real GDP.
Which of the following increases labor productivity?
Select one:
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b. inventions of new machinery, equipment, or software
c. decreases in the availability of computers and factory
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C) 9.1 percent
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The accompanying table shows data on nominal GDP (in billions of
dollars), real GDP (in billions of 2005 dollars), and population
(in thousands) of the United States in 1960, 1970, 1980, 1990,
2000, and 2010. The U.S. price level rose consistently over the
period 1960–2010.
Year Nominal GDP (billions of dollars) Real GDP (billions of
2005 dollars) Population (thousands)
1960 $526.4 $2,828.5 180,760
1970 1,038.5 4,266.3 205,089
1980 2,788.1 5,834.0 227,726
1990 5,800.5 8,027.1 250,181
2000 9,951.5 11,216.4 282,418
2010...

Production function
Labor market
Labor
hours
(millions)
Real GDP
(millions of 2009 dollars)
Real
wage rate
(dollars per hour)
Quantity of
labor demanded
Quantity of labor supplied
0
0
(millions of hours per year)
1
10
10
1
5
2
19
9
2
4
3
27
8
3
3
4
34
7
4
2
5
40
6
5
1
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1.8
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67.761
0.897868
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The increase in real GDP per capita in the United States
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