In the USEconomy in 1991,real GDP Was 4861

question 92

Essay

In the U.S.economy in 1991,real GDP was 4861.4 (in billions of 1987 dollars),the capital stock was 13,806.2 (in billions of 1987 dollars),and employment was 118.4 (in millions of workers).In 1992 the numbers were: real GDP 4986.3,capital stock 14,040.8,employment 119.2.Suppose the production function in both years is Y = A
.
(a)Calculate total factor productivity for 1991 and 1992.
(b)How much did total factor productivity grow from 1991 to 1992?
(c)Calculate the percent increase in real output between 1991 and 1992.
(d)Suppose tax incentives had raised the capital stock in 1992,making it 10% higher,to 15,444.9.If employment didn't change,what would have been the percent increase in real output between 1991 and 1992?
(e)Instead of the increase in the capital stock in part d,suppose employment was 10% higher in 1992,making it 131.1.With the capital stock fixed at 14,040.8,what would have been the increase in real output between 1991 and 1992?

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Definitions:

Rings

Cyclic molecules in chemistry that consist of a series of connected atoms forming a closed loop.

Hydrogenating

The process of adding hydrogen to a molecule, usually in the presence of a catalyst, to reduce double or triple bonds to single bonds.

Monocyclic Saturated Compound

An organic chemical compound featuring a single cyclic structure without double or triple bonds, indicating all carbons are saturated with hydrogen.

Molecular Formulas

A notation that shows the type and number of atoms in a molecule but not the bonds or arrangement, such as C2H5OH for ethanol.