1. An economy starts off with a per capita GDP of $5000. How large will the per capita GDP 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?
3. Say that the average worker in Canada has productivity of $30 per hour while the average worker in the United Kingdom has productivity 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. At that point, who will have the higher productivity level, and by how much?
10. Imagine that in a certain economy, the average number of hours worked per week declined. How would you expect this change to affect per capita GDP? What about worker productivity?
15. Would the following events usually lead to capital deepening, or not? Explain briefly.
a. A rise in investment in physical capital.
b. Many experienced teachers, discouraged by low pay, leave the education system for alternative jobs elsewhere in the economy.
c. An increase in research and development spending that leads to many new technologies.
17. What are some of the reasons that some countries that started off with a relatively low level of per capita GDP—like Japan, Korea, and China—are able to grow so much faster than the countries that already have high per capita GDP?
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