Question:

Are my answers for these economic questions correct?

by  |  earlier

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Just want to double check my work... if you can, please provide an explanation behind it b/c i basically made educated guesses since i couldn't find them in my textbook.... thank you in advance!!

1. leaders in underdeveloped countries can enhance development by

a. increasing population growth

b. reducing capital per worker

c. implementing improved technology (my answer)

d. creating new natural resources

2. labor productivity is measured by

a. the ratio of capital to labor

b. real output per worker hour (my answer)

c. real output per capita

d. the ratio of worker hours to real GDP

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1 ANSWERS


  1. 1. Leaders in underdeveloped countries can enhance development by c, implementing improved technology.

    This question goes back to the production possibilities curve. If you have an improvement in technology, the ppc curve will shift outward, which increases economic growth. Increasing the population growth alone cannot increase development. Reducing capital (resources) per worker would actually make an economy less efficient or reduce development, the opposite of the question. D cannot be the answer either because you just don't create new natural resources. On the other hand, if you did find a new natural resource, that would enhance development, but that is not one of the choices for the question.

    2. Labor productivity is measured by  b real output per worker hour.

    Real output per worker hour means the amount of work as a whole that all the laborers do in an hour, so of course it is the best answer. A, the ratio of capital to labor means the amount of resources for each worker which isn't really a viable way to measure labor productivity. C, the real output per capita means the amount of work for each person individually which isn't really as efficient as measuring the productivity of the group as a whole.

    So you got both answers right to the best of my knowledge.

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