1. Please explain what productivity is and how it determines the wealth and well

Question

1.     Please explain what productivity is and how it determines the wealth and well being of a country's citizens.

2.     Define the catch-up effect and demonstrate how the Central Valley of Californian in some ways acts like an emerging nation when money is invested in the region such as what is happening with the high speed rail, versus investing the same capital in wealthy regions of California.

3.     Explain what loanable funds are and how private and public savings have an impact on them.

4.     Explain crowding out and how the current US deficit could be adding to the principle.

5.     Explain present and future value of money, and how if you want to have a sustainable

6.     retirement someday you should be very knowledgeable about what they are and what you should do about it.

7.     Please explain the different types of unemployment

   8.     Explain what an efficiency wage is and why or why not you think they work in the market place. Do you think there are companies that use them in this area, and why or why not?

Explanation / Answer

1. Productivity tell us how much a worker will produce given fixed capital. Productivity is very vital to understand growth . In modern growth theory growth will depend not on savings rate , population rate but it will depend upon the productivity growth. Productivity will depend on research and innovation . Only improvement in productivity has growth effect which mean we can attain higher and higher growth.

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