Business, 18.03.2021 03:40, kidzay

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? percent

Answers: 1

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Assume that the hypothetical economy of Econoland has 4 workers in year 1, each working 1,600 hours...