This is my son who is in 10th grade homework assignment. I want to be able to help and not look like a dope! I really have no clue!
1. Why do economists consider growth in the average labor productivity to be the key factor in determining long run living standards?
2. And, Let's say that you have hired five workers to work in your Accounting department. Workers without access to computers have zero productivity in accounting. How would you assign computers to workers if you didn't have enough for all five? Discuss the relationship between the availability of labor capital and average labor productivity, and also the concept of diminishing returns to capital.
3.Here are data for Germany and Japan on the ratio of employment to population in 1979 and 2003
1979 for Germany is 0.33
2008 for Germany is 0.49
1979 is 0.48
2008 is 0.51
How would I find the average labor productivity for each country in 1979 and in 2008. Between 1979 and 2008, and how would I compute the increase in GDP per capita, in labor productivity and in employment relative to population for each country? This stuff is not easy!!!!!!