--%>

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 : Full-employment and Under-employment

    Distinguish between full-employment equilibrium and Under-employment equilibrium. Whenever equality among AD and AS is at full employment level it is termed as full employment equilibrium. Although whenever equali

  • Q : Principles of macroeconomics What are

    What are the “powers of the Federal Reserve

  • Q : Public debt How does an internally held

    How does an internally held public debt differ from an externally held public debt?

  • Q : What is Time Bound-Banking Industry

    Time Bound: It is essential for bank to lay goals and also have the deadline for the completion of each goal. To be a market leader bank needs to work hard. They need to dedicate more time and resources to attain required success. A time associated wi

  • Q : Repayment of loan-Capital expenditure

    Why the repayment of loan is a capital expenditure? Answer: Repayment of loan is taken as a capital expenditure since it diminishes the liabilities of Government.

  • Q : Formula for Fiscal deficit Fiscal

    Fiscal deficit: Fiscal deficit is stated as the surplus of total expenditure over total receipts, apart from borrowings. Fiscal deficit = Total expenditure (Rev. Exp. + Cap. Exp.) – Total Receipts

  • Q : Tax shifting backward totally A tax

    A tax will be backward-shifted totally when the: (i) demand curve is vertical and the supply curve is slopes up. (ii) demand curve slopes down and the supply curve is vertical. (iii) supply curve is perfectly elastic and the demand cu

  • Q : Explain Shut Down Price Explain the

    Explain the term Shut Down Price? Illustrate it.

  • Q : Physical quality of life index DISCUSS

    DISCUSS the experience of high GNP countries and low GNP with regard to PQLI.

  • Q : Econ question No need apa format no

    No need apa format no need introduction and conclusion Only answer question being ask, thanks