10. Suppose labors share of GDP is 70 percent and capitals is 30 percent, total factor productivity...

Question:

10. Suppose labor’s share of GDP is 70 percent and capital’s is 30 percent, total factor productivity is growing at an annual rate of 2 percent, the labor force is growing at a rate of 1 percent, and the capital stock is growing at a rate of 3 percent. What is the annual growth rate of real GDP?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Fundamentals Of Economics

ISBN: 9781133956105,9781285531847

6th Edition

Authors: William Boyes, Michael Melvin

Question Posted: