Take an Economy Where in 2001 Real GDP Is 4861

question 105

Essay

Take an economy where in 2001 real GDP is 4861.4,the capital stock is 13,806.2 and employment is 118.4 (in millions of workers).In 2002 the numbers were: real GDP 4986.3,capital stock 14,040.8,employment 119.2.Suppose the production function in both years is Y = AK⁰.²⁵ᴺ⁰.⁷⁵.
a.Calculate total factor productivity for 2001 and 2002.
b.How much did total factor productivity grow from 2001 to 2002?
c.Calculate the percent increase in real output between 2001 and 2002.
d.Suppose tax incentives had raised the capital stock in 2002,making it 10% higher,at 15,444.9.If employment didn't change,what would have been the percent increase in real output between 2001 and 2002?
e.Instead of the increase in the capital stock in part d,suppose employment was 10% higher in 2002,making it 131.1.With the capital stock fixed at 14,040.8,what would have been the increase in real output between 2001 and 2002?

Describing the concept of "looking-glass self," its originator, and its importance to self-development.

Discussing Elizabeth Kübler-Ross's model, its usage in understanding death, and concerns associated with it.

Understanding the two distinct stages of resocialization according to Erving Goffman, with examples.

Distinguishing between primary and secondary socialization with examples as theorized by Mead.

---

Definitions:

Battle of Waterloo

The decisive battle fought on June 18, 1815, near the town of Waterloo in present-day Belgium, where Napoleon Bonaparte was defeated by the British led by the Duke of Wellington and the Prussians under Gebhard Leberecht von Blücher.

Key Decisions

Important or critical choices made in various contexts, including business, governance, and personal life, that significantly affect outcomes or directions.