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3) Suppose between Q1, 2018 and Q4, 2019 measured Output in the non- farm business sector increased by 3.6%. During this time period the unemployment
3) Suppose between Q1, 2018 and Q4, 2019 measured Output in the non- farm business sector increased by 3.6%. During this time period the unemployment rate fell from 4.6% to 3.7% and total hours worked in the nonfarm business sector increased by 3.8%.
What was the % rate of change in labor productivity over this period (Q1 2018 and Q2 2020)?Explain your answer briefly. (Hint: Labor productivity = Y/Labor hours; RGDP growth rate = Labor productivity growth plus and Labor Force Growth rate. No need to use u-rate changes for this question)
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