Question

In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population...

In both Gamma and Delta average labor productivity is $20,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Sixty percent of the population in each country is employed. Total output in Gamma is _____ and total output in Delta is _____.

Multiple Choice

  • $8 billion; $4 billion

  • $2.4 billion; $4.8 billion

  • $4 billion; $8 billion

  • $120,000; $800,000

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Total Output = Labour productivity * Number of labours (people who are employed)

Average labour productivity = $20,000 per worker

Total population of gamma = 2,00,000 , Total population of delta = 4,00,000

Given, 60% of the population in each country is employed.

Population of gamma employed = 60/100 * 2,00,000 = 1,20,000

Population of delta employed = 60/100 * 4,00,000 = 2,40,000

Total Output in gamma = $20,000 * 1,20,000 = $2.4 billion

Total Output in delta = $20,000 * 2,40,000 = $4.8 billion

Hence, the correct answer is second option i.e. $2.4 billion, $4.8 billion.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Required information Below is the productivity per worker (kilos per day) in the rice and beer...
Required information Below is the productivity per worker (kilos per day) in the rice and beer industries of Catalonia and Granada. The working population in each country is 12 million people. Rice Beer Catalonia 4 Or 3 Granada 3 Or 2 Refer to the data above to answer this question. Suppose that initially each country allocated 5 million of its population to the rice industry, the rest being employed in the beer industry. If they now decide to totally specialize...
Both population and the workforce grow at the rate of n = 1% per year in...
Both population and the workforce grow at the rate of n = 1% per year in a closed economy. Consumption is C = 0.5(1 -t)Y, where t is the tax rate on income and Y is total output. The per-worker production function is y = 8k1/2, where y is output per worker and k is the capital-labor ratio. The depreciation rate of capital is d = 9% per year. Suppose for now that there are no government purchases and the...
4. The catch-up effect Consider the economies of Sporon and Gobbledigook, both of which produce glops...
4. The catch-up effect Consider the economies of Sporon and Gobbledigook, both of which produce glops of gloop using only tools and workers. Suppose that, during the course of 30 years, the level of physical capital per worker rises by 4 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2019 and 2049. Year Sporon Physical...
4. The catch-up effect Consider the economies of Blahnik and Tralfamadore, both of which produce glops...
4. The catch-up effect Consider the economies of Blahnik and Tralfamadore, both of which produce glops of gloop using only tools and workers. Suppose that, during the course of 10 years, the level of physical capital per worker rises by 4 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2017 and 2027. Year Blahnik Physical...
4. The catch-up effect Consider the economies of Hermes and Gribinez, both of which produce gaggles...
4. The catch-up effect Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 20 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2019 and 2039. Year Hermes Physical...
Frosty Cola’s chief operating officer is very interested in finding out about the average productivity of...
Frosty Cola’s chief operating officer is very interested in finding out about the average productivity of the company’s workers. Institutional research has given you the following information:                         Labor                           Output (bottles)                                               ============================                         0                                             0                         1                                  20,000                         2                                  50,000                         3                                  95,000                         4                                  150,000                         5                                  210,000                         6                                  250,000                         7                                  280,000                         8                                  300,000                         9                                  305,000                         10                                306,000                         11                                303,000 Specifically, he’s interested in knowing all of the per worker...
America and Country X have the same levels of consumption, investment, and government purchases, but Country...
America and Country X have the same levels of consumption, investment, and government purchases, but Country X sells twice as many exports as buys twice as many imports as America. Which country must have a larger GDP? America Country X The GDP of America must equal the GDP of country B The answer depends on whether America has positive or negative net exports A multiple-choice question with one possible answer.(Required) On average, Japanese workers have lower hourly productivity and work...
1?Basic factors of production available to a society are * A. natural resources, labor and capital....
1?Basic factors of production available to a society are * A. natural resources, labor and capital. * B. natural resources, labor and money. * C. labor, money and environment. * D. natural resources, money and infrastructure. 2?Total cost is * A. the sum of total fixed cost and total variable cost. * B. increasing with output. * C. equal to total fixed cost when production level is zero. * D. all the above true. 3?Suppose a certain firm is able...
1. Country A with a civilian non-institutionalized population of 237 mil (all over age 16), has...
1. Country A with a civilian non-institutionalized population of 237 mil (all over age 16), has 156 mil employed and 47 mil unemployed persons, of the unemployed 5 mil is frictional and 8 mil structural. a) What is the size of the labor force? ………………………………………… b) What is the actual unemployment rate? ……………………………………. c) What is the Cyclical unemployment? ................................................. d) What is the Natural Rate of Unemployment (NRU)? ……………………… e) Is this economy in a recession or a boom?...
We constantly seem to be pricing ourselves out of some markets and not charging enough in...
We constantly seem to be pricing ourselves out of some markets and not charging enough in others. Our pricing policy is pretty simple: we mark up our full manufacturing cost by 50%. That means a computer that costs us $2,000 to manufacture will sell for $3,000. Until now I thought this was a workable approach, but now I’m not so sure. Steve Works, CEO, Cortland Manufacturing, Inc. (CMI) Steve’s Controller, Sally Nomer, had just told him that she believed the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT