A study conducted by The Conference Board found that “

| November 24, 2016

Please answer two questions and your answer to each question must be at most 150
words:
Q#1.

Answer one of the following questions (answer either question A or B):

A study conducted by The Conference Board found that "(t)he productivity
level in the Euro Area, measured as output per hour in US dollars (after
adjustment for differences in relative price levels using purchasing power
parities), is just 76. 7 percent of the US level in 2013, leaving an almost 25
percent gap between Europe and the United States". This is consistent with
the common view that American workers are (some of ) the most productive
in the world (for example, on January 24, 2012, in his State of the Union
Address, President Barak Obama stated "Our workers are the most productive
A.

on Earth, and if the playing field is level, I promise you– America will always
win."– https://www.whitehouse.gov/the-press-office/2012/01/24/remarks-

president-state-union-address%20). What factors can explain U.S. labor
productivity to be higher than most countries’ labor productivity?
B. According to the International
Recovery Continues"–

Monetary Fund’s (IMF) " An Uneven Global

http://www.imf.org/external/pubs/ft/weo/2014/update/02/, from July 2014, real
GDP in emerging market and developing economies grew 5.1% in 2012 and
4.7% in 2013. At the same time, real GDP in advanced economies grew only
1.4% in 2012 and 1.3% in 2013. Do these growth rates over the last few
years indicate that differences in real GDP per person around the world are
shrinking, growing, or staying the same (click the " World Economic Outlook:
Legacies, Clouds, Uncertainties"-https://www.imf.org/external/pubs/ft/weo/2014/02/pdf/c1.pdf link for an
update).
Many people have difficulty borrowing as much money as they want to,
even if they are confident that their future income will be high enough to pay back
the borrowed funds. For example, many students in medical school expect to
earn high incomes after they graduate and become physicians. If they could, they
would probably borrow now in order to live more comfortably and pay the loans
back out of their higher future income. Unfortunately, banks are usually reluctant
to make loans to people who have currently low incomes even if they are
expected to be higher in the future. If people could borrow as much as they
would like to (with the intention of paying banks back!), would you expect
consumption to become more or less sensitive to current income? Briefly explain.
Q#2.

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