Chapter 7: Q.15 (page 186)
How is GDP per capita calculated differently from labor productivity?
For calculating GDP per capita from the labor productivity method used is GDP divided by the total number of workers.
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An economy starts off with a GDP per capita of. How large will the GDP per capita be if it grows at an annual rate of for years? for years?
for years? for years?
Education seems to be important for human capital deepening. As people become better educated and more knowledgeable, are there limits to how much additional
benefit more education can provide? Why or why not?
Are there other ways in which we can measure productivity besides the amount produced per hour of work?
An economy starts off with a GDP per capita of 12,000 euros. How large will the GDP per capita be if it grows at an annual rate of 3% for 10 years? 3% for 30 years? 6% for 30 years?
Explain what the Industrial Revolution was and where it began.
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