答案和详解如下： LOS d: Discuss the "One-Third Rule," and how this rule can be used to explain productivity growth slowdown and speedup. 1.Over a 10 year period, labor productivity increased from $10 per labor hour to $10.60 per labor hour. Over the same period, the investment in new capital increased from $25 per labor hour to $25.50 per labor hour. The contribution of technological advancement to economic growth over this period is closest to: A) 3.00%. B) 4.65%. C) 5.33%. D) 4.11%. The correct answer was C) According to the one third rule, at a given level of technology, a 1% increase in capital per labor hour results in a 1/3% increase in real GDP per labor hour. The percent change in capital per labor hour is 2% = (25.50/25) – 1. The increase in productivity due to the increase in capital per labor hour is 1/3 x 2.0% = 0.67%. The change in economic growth (GDP per labor hour) is 6% = (10.6/10) – 1. The remainder of the increase in GDP per labor hour, 6% – 0.67% = 5.33%, is due to technology change. 2.Assume that real GDP per labor hour grew by 7% over the past 5 years while capital per labor hour grew by 4.5%. Using the one-third rule, an estimate of the amount of real GDP growth attributable to technological change is closest to: A) 1.5%. B) 2.33%. C) 5.5%. D) 4.67%. The correct answer was C) Growth in real GDP = technology contribution + new capital contribution.
1/3 Rule: New capital contribution to real GDP growth = 1/3(% change in new capital) Technology contribution | = real GDP growth – new capital contribution | | = real GDP growth - 1/3(% change in new capital) | | = 7% - 1/3(4.5%) = 5.5% |
3.Which of the following is the most accurate description of the one third rule? A) A 1% increase in technology results in a one third of 1% increase in real GDP per labor hour, holding capital per labor hour constant. B) One third of real GDP per labor hour is attributable to the level of new capital per labor, holding technology constant. C) One third of real GDP per labor hour is attributable to technological change, holding capital per labor hour constant. D) A 1% increase in capital per labor hour results in a one third of 1% increase in real GDP per labor hour, holding technology constant. The correct answer was D) The one third rule states that at a given level of technology, on average, a 1% increase in capital per labor hour results in a one third of 1% increase in real GDP per labor hour. 4.Assume that real GDP per labor hour grew by 6 percent over the past 5 years while capital per labor hour grew by 5.25 percent. Based on the one third rule, the amount of real GDP growth attributable to the increase in capital per labor hour and the amount attributable to technological change are closest to:
| Increase in Capital | Technological Change |
A) 1.75% 4.25% B) 0.75% 5.25% C) 2.00% 4.00% D) 1.67% 3.23% The correct answer was A) According to the one third rule, capital has contributed one third of 5.25% toward the increase in real GDP per labor hour. So, the capital growth contribution to the 1% increase in GDP is 1/3 × 5.25% = 1.75%. The remaining 4.25% (= 6% – 1.75%) growth in real GDP per labor hour is attributable to technological change. 5.Assume that real GDP per labor hour grew 7 percent over the past three years. Based on the one third rule, the amount of real GDP growth attributable to the change in new capital is 1.5 percent. Over this period, the contribution of technological change to real GDP growth and the growth rate in new capital is closest to:
| Technology contribution | Growth of new capital |
A) 5.5% 4.5% B) 1.8% 4.5% C) 5.5% 7.0% D) 6.5% 0.5% The correct answer was A) Growth in real GDP = technology contribution + new capital contribution. | One Third Rule: New capital contribution to real GDP growth = 1/3(% growth in new capital) | So, 1.5% = 1/3(growth in new capital), or new capital growth = 4.5% = 1.5% / (1/3) | Technology contribution | = real GDP growth – new capital contribution | | = real GDP growth – 1.5% | | = 7% - 1.5 = 5.5% |
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发表于 2008-4-2 16:01
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