Business, 28.03.2021 02:20 danthehero56
Assume that the hypothetical economy of Econoland has 4 workers in year 1, each working 1,600 hours per year (40 weeks at 40 hours per week). The total input of labor is 6,400 hours. Productivity (average real output per hour of work) is $10 per worker.
Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places.
a. What is real GDP in Econoland?
$
b. Suppose work hours rise by 2.5 percent to 6,560 hours per year and labor productivity rises by 6 percent to $10.60. In year 2, what will be Econoland’s real GDP?
$
c. Between year 1 and year 2, what will be Econoland's rate of economic growth?
Answers: 2
Business, 22.06.2019 05:30
From a business perspective, an information system provides a solution to a problem or challenge facing a firm and represents a combination of management, organization, and technology elements. the organization's hierarchy, functional specialties, business processes, culture, and political interest groups are components of which element of information systems?
Answers: 1
Business, 22.06.2019 05:30
The hartman family is saving $400 monthly for ronald's college education. the family anticipates they will need to contribute $20,000 towards his first year of college, which is in 4 years .which best explain s whether the family will have enough money in 4 years ?
Answers: 1
Business, 22.06.2019 10:40
What would happen to the equilibrium price and quantity of lattés if the cost to produce steamed milk
Answers: 1
Business, 22.06.2019 12:50
Explain whether each of the following events increases or decreases the money supply. a. the fed buys bonds in open-market operations. b. the fed reduces the reserve requirement. c. the fed increases the interest rate it pays on reserves. d. citibank repays a loan it had previously taken from the fed. e. after a rash of pickpocketing, people decide to hold less currency. f. fearful of bank runs, bankers decide to hold more excess reserves. g. the fomc increases its target for the federal funds rate.
Answers: 3
Assume that the hypothetical economy of Econoland has 4 workers in year 1, each working 1,600 hours...
Mathematics, 13.07.2019 07:10
Mathematics, 13.07.2019 07:10
English, 13.07.2019 07:10
English, 13.07.2019 07:10
Mathematics, 13.07.2019 07:10
Mathematics, 13.07.2019 07:10
History, 13.07.2019 07:10
Mathematics, 13.07.2019 07:10
Biology, 13.07.2019 07:10