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(30 points) The United States and France are two developed countries, but per capita GDP is around 40% higher in the United States. However, per
(30 points) The United States and France are two developed countries, but per capita GDP is around 40% higher in the United States. However, per capita GDP sometimes can be a misleading measure of labor productivity and people's wellbeing. We will explore this in this exercise. The table below presents data for both countries in year 2000: GDP Capital Employment Hour Population France 1350 3850 27 1500 59 USA 9165 19500 142 1830 284 GDP and capital are expressed in billions of dollars. Employment and population figures are presented in millions. Hours is the average number of hours per year worked by an employed person in each country. Total hours worked can be computed as the product of employment (the number of people working) and hours [the number of hours per worker)
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