during periods in which average labor productivity is click to select , average living standards will be…

during periods in which average labor productivity is click to select , average living standards will be click to select , because\n\n○ growth leads to an increase in the supply of goods and services available\n○ growth can lead to population growth and more jobs\n○ declines can result in more jobs available\n○ declines can result in a higher demand for available goods and services\n\nsuppose there are two countries alpha and beta with the following values\n\ncalculate the labor force productivity for alpha and beta\n\ninstructions: enter you answers in thousands (i.e. 100 for 100,000)\n\n| | gdp | population | labor force | labor force productivity |\n|--|--|--|--|--|--|\n| alpha | $20,494 billion | 327 million | 159 million | |\n| beta | $3,508 billion | 1,393 million | 756 million | |\n\nwhat would have to be the gdp in beta for this country to have the same labor productivity as alpha?\n\ninstructions: enter your answers as whole numbers

during periods in which average labor productivity is click to select , average living standards will be click to select , because\n\n○ growth leads to an increase in the supply of goods and services available\n○ growth can lead to population growth and more jobs\n○ declines can result in more jobs available\n○ declines can result in a higher demand for available goods and services\n\nsuppose there are two countries alpha and beta with the following values\n\ncalculate the labor force productivity for alpha and beta\n\ninstructions: enter you answers in thousands (i.e. 100 for 100,000)\n\n| | gdp | population | labor force | labor force productivity |\n|--|--|--|--|--|--|\n| alpha | $20,494 billion | 327 million | 159 million | |\n| beta | $3,508 billion | 1,393 million | 756 million | |\n\nwhat would have to be the gdp in beta for this country to have the same labor productivity as alpha?\n\ninstructions: enter your answers as whole numbers

Answer

Explanation:

Step1: Recall labor - force productivity formula

Labor - force productivity = $\frac{GDP}{Labor\ Force}$

Step2: Calculate labor - force productivity for Alpha

Alpha's GDP = $20494\times10^{6}$ (in thousands) and labor force = $159\times10^{6}$. Labor - force productivity for Alpha = $\frac{20494\times10^{6}}{159\times10^{6}}\approx128.9$

Step3: Let Beta's GDP be $x$.

We want Beta's labor - force productivity to be equal to Alpha's. Beta's labor force = $756\times10^{6}$. Since $\frac{x}{756\times10^{6}} = 128.9$ $x=128.9\times756\times10^{6}=97448.4\times10^{6}$ (in thousands) or $97448.4$ billion

Answer:

Alpha's labor - force productivity: approximately $128.9$ (in thousands) Beta's required GDP for equal labor productivity: $97448.4$ billion