1) The current population of the United States is 328.2 million with 2.2% of the population is engaged in R&D at an efficiency rate of 1/500 per million persons per year. If R&D is the only source of total-factor productivity growth what is the growth rate of labor efficiency in the United States? If the growth rate of total factor productivity is 0.75% per year, what is the value of a in the Cobb-Douglas production function? The figure below illustrates the output gap and the real interest-rate gap in the United Kingdom as a function of time. 10 Output Rate - GAPS (percent) 5 0 -5 -10 1960 1970 1980 1990 2000 TIME (years) Is the output gap generally . leading and procyclical, . lagging and procyclical, . leading and countercyclical, or . lagging and countercyclical, with respect to the real interest-rate gap gap after 1988? Briefly explain your choice