The “graying of America” will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S.

living standards, suppose that over the 53 years following 2013 the share of the population that is working returns to its 1960 level, while average labor productivity increases by as much as it did during 1960–2013.

Under this scenario, what would be the net change in real GDP per person between 2013 and 2066? The following data will be useful: (LO2)

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Average labor productivity Share of population employed 1960 2013 $ 47,256 $109,152 36.4% 45.5%