9. Suppose labors share of GDP is 70 percent and capitals is 30 percent, real GDP is
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9. Suppose labor’s share of GDP is 70 percent and capital’s is 30 percent, real GDP is growing at a rate of 4 percent a year, the labor force is growing at 2 percent, and the capital stock is growing at 3 percent. What is the growth rate of total factor productivity?
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Related Book For
Fundamentals Of Economics
ISBN: 9781133956105,9781285531847
6th Edition
Authors: William Boyes, Michael Melvin
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