Chapter 20: Problem 31
As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
Chapter 20: Problem 31
As technological change makes us more sedentary and food costs increase, obesity is likely. What factors do you think may limit obesity?
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Get started for freeOver the past 50 years, many countries have experienced an annual growth rate in real GDP per capital greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capital? Explain.
How is GDP per capital calculated differently from labor productivity?
An economy starts off with a GDP per capital of \$5,000. How large will the GDP per capital be if it grows at an annual rate of \(2 \%\) for 20 years? \(2 \%\) for 40 years? 4\% for 40 years? 6\% for 40 years?
How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?
Say that the average worker in Canada has a productivity level of \(\$ 30\) per hour while the average worker in the United Kingdom has a productivity level of \(\$ 25\) per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at \(1 \%\) per year while worker productivity in the UK grows \(3 \%\) per year. After five years, who will have the higher productivity level, and by how much?
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