--%>
Assignment Help - homework help

Problem related to rising GDP

Between 1961 and 2007, the rising share of the Canadian population in paid employment contributed to rising GDP per person. But suppose that the share of the Canadian population in paid employment had remained constant between 1961 and 2007. What would Canadian GDP per person have been in 2007? Make use of the relevant data from the following table:

610_GDP.jpg

E

Expert

Verified

In 1961 the average labour productivity was $39290 and the 33.2% of the population was employed. GDP per capita can be calculated by average labour productivity x % of population employed, ie $ 39290 x 33.2% = $ 13044 as given in the table.

Similarly the value of the GDP per capita in 2007 was calculated as $39736

If however, in 2007, the average labour productivity was $77688 and the share of population employed was 33.2%, the GDP per capita would be $ 77688 x 33.2% = $25792

   Related Questions in Macroeconomics

  • Q : Define Break Even point Define Break

    Define Break Even point? Elucidate with the help of saving function. Answer: Breakeven point is a point where consumption equals to income and saving is equivalent t

    		•
  • Q : Market system The market system's

    The market system's answer to the fundamental question "How will the system promote progress?" is essentially:

    		•
  • Q : Utilization of Bond market to make and

    How does the FED utilize the bond market to make and destroy money? Which technique do developed countries utilize to decrease the chance of experiencing inflation? What about the Banana Republicans and inflation, do they have this means acessible to

    		•
  • Q : Domestic Investment & Economies

    Question: How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world, investment in both economi

    		•
  • Q : Type of market when people cannot buy

    Whenever people can’t purchase all of a good they are willing and capable to pay for at present market price, there is surely a market: (1) Price ceiling. (2) Price floor. (3) Shortage. (4) Anomaly.  (5) Surplus. Please

    		•
  • Q : What are the strength and weakness What

    What are the strength and weakness of using per capital national income? give explained answer for query

    		•
  • Q : Define Price What do you understand by

    What do you understand by the term Price (P) at Market in Economy?

    		•
  • Q : Open-Economy Macroeconomics

    Open-Economy Macroeconomics   Suppose the structure of an economy with a flexible exchange rates is represented by:   C = 200 + 0.85*(Y - T)             &n

    		•
  • Q : Difference between

    Elucidate the differences among the frictional, structural, and cyclical forms of unemployment.

    		•
  • Q : Purchasing good according to Law of

    The market price you pay for each and every particular goods you purchase regularly is probably most closely associated with the last unit of each and every good’s: (1) Marginal utility. (2) Total utility. (3) Producer surplus. (4) Consumer surplus. (5) Economic

    		•