consider a small island country whose only industry is fishing.The following tab
ID: 1230256 • Letter: C
Question
consider a small island country whose only industry is fishing.The following table shows information about the small economy in 2 different years.2011 pysical capital(60fishing poles) labor force(20workers) labor hours(4000) output(6000fish)
2012 p. cap(70) labor force(35) lab.hours(6000) output(7500)
recall that productivity is the quantity of goods produced from each unit of labor.For this problem,measure productivity as the quantity of goods per hour of labor.Use the figures from the table above to fill the table below:
2011 pysical cap. per worker=?? labor productivity=??
2012 pyscial cap per worker=?? labor productivity=??
According to this AN INCREASE OR A DECREASE in physical cap.per worker from 2011 to 2012 is associated with AN INCREASE OR A DECREASE in labor productivity from 2011 to 2012
Suppose you're in charge or establishing economic policy for the small island country
which of the following policies would lead to a greater productivity in the fishing industry
-subsidizing research and development into new fishing technologies
-imposing a tax on fishing poles
-investing in combating malnutrition and promoting nutrition in the labor force
-offering free public education to every worker in the country.
Explanation / Answer
subsidizing research and development into new fishing technologies
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