Question
GDP equals hours of work multiplied by output per hour. This can be rewritten as a.growth rate of real GDP = growth rate of labor
GDP equals hours of work multiplied by output per hour. This can be rewritten as
a.growth rate of real GDP = growth rate of labor input + growth rate of marginal output.
b.potential GDP = wages + cost of production.
c.growth rate of potential GDP = growth rate of labor input + growth rate of labor productivity.
d.growth rate of GDP = growth rate of wages + growth rate of labor productivity.
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Global Business Today
Authors: Charles Hill
9th Edition
1259299201, 9781259299209
