GDP per capita can be expressed as GDP/Population = GDP/Worker Workers/Population, or GDP per capita =
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GDP per capita can be expressed as GDP/Population = GDP/Worker × Workers/Population, or GDP per capita = Labor Productivity × Labor Force Participation Rate. Go to the St. Louis Federal Reserve FRED database, and find data on nonfarm business output per person (PRS85006163) and the labor force participation rate (CIVPART).
a) Calculate the total percentage change in output per person using (PRS85006163) and the percentage point change in the labor force participation rate (CIVPART) from 2000 up until the latest available data.
b) Based on the behavior of the two data series, what are the implications for growth in GDP per capita?
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Step by Step Answer:
To calculate the changes requested I will use the data from the St Louis Federal Reserve FRED database a First Ill calculate the total percentage chan...View the full answer
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