Business, 12.01.2021 18:00 gamingisfun

Consider the economies of Sporon and Gobbledigook, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 30 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2014 and 2024.

Sporon
Year Physical Capital Tools per worker Labor Force Workers Output Gobs of goo Productivity Gobs per worker
2014 11 30 3,000
2024 15 30 3,600

Gobbledigook
Year Physical Capital Tools per worker Labor Force Workers Output Gobs of goo Productivity Gobs per worker
2014 8 30 2,400
2024 12 30 3,600

Initially, the number of tools per worker was higher in Sporon than in Gobbledigook. From 2017 to 2037, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Sporon to rise by a amount than productivity in Gobbledigook. This illustrates the concept of , which makes it for countries with low output to catch up to those with higher output.

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Consider the economies of Sporon and Gobbledigook, both of which produce gobs of goo using only tool...

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