14. Which of the following is a good measure of the productivity of employed pe

Question

14. Which of the following is a good measure of the productivity of employed pe country? a. Income per capita b. Income per worker c. GDP d. Gross national product 15. The productivity of workers in an economy will be higher if any of the things be are true EXCEPT Workers are equipped with high levels of physical capital. Workers have many years of schooling. The economy invests a lot in Research and Development The economy has high tariffs and is relatively self-sufficient. a. b. c. d. 16. Suppose that real GDP in Australia is $40,000 in 2010, and $41,200 in 2011 . The growth rate of GDP in 2011 was therefore a. 12% b.3% c, 1.2% d.4% . Suppose that the US GDP per capita is c next 10 years. Which formula correctly urrently $51,000 computes GDP and grows by 1% for the per capita in 2027? a. 1202751,000 1.10 b. y2027 = 51,000-1.01-10 c. y2027= 51,000, 1.0110 d. 027 = 51,000 . 1.01 hich of the following statements is true of economic growth and GDP across the rld before 1800? a. There was a lack of sustained growth because the pace of technological change was slow. The income per capita in all countries throughout the world was less than S500 per capita. The income per capita in all countries throughout the world was more than $1,000 per capita. There was sustained growth bcause whatever improvements in GDP ealized were invested in capital equipment

Explanation / Answer

Question 14

Wage rate reflects productivity. In other words, level of productivity gets reflected in wage rate. For example, higher productivity translates into higher wages while lower productivity translates into lower wages.

So, it can be stated that income per worker is a good measure of the productivity of employed people in a country.

Hence, the correct answer is the option (b).

Question 15

Higher allocation of physical capital per worker, higher level of human capital in terms of years of schooling per worker and continued technological advancement due to investment in research and development tends to raise productivity and economy that have all these ingredients tends to have higher productivity.

However, higher tariff and relative self-sufficiency breed inefficiency and leads to prevention of exploitation of comparative advantage and thus do not boost productivity.

Hence, the correct answer is the option (d).

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