Assume that the hypothetical economy of Econoland has to workers in year 1, each working 2,000 hours per year (50 weeks at 40 hours per week). The total input of labor is 20,000 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: in parts a and b, enter your answers, as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? b. Suppose work hours rise by 1 percent to 20,200 hours per year and labor productivity rises by 4 percent to $10.40. In year 2 , what will be Econoland's real GDP? c. Between year 1 and year 2 , what will be Econoland's rate of economic growth? percent Assume the following for the town of Boone: The town has a total population of 50,000 people, of which 2,000 are under 16 years of age or are institutionalized; 5,000 are full-time students who are not employed and are not seeking work; and 40,000 are employed. The rest of the people are out of work but have been actively seeking work within the past four weeks. What is the unemployment rate in Boone? Instructions: Round your answer to 1 decimal place. percent