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how too calcuulaate Table 1: National Account Variables from Belgium 1950 2010 GDP (Billions $) 61.114 371.505 Population (Millions) 8.628 10.712 Labor (Millions) 3.362 4.607

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Table 1: National Account Variables from Belgium 1950 2010 GDP (Billions $) 61.114 371.505 Population (Millions) 8.628 10.712 Labor (Millions) 3.362 4.607 Capital (Billions $) 195.127 1,546.251 The average annual growth rate of GDP between 1950 and 2010 was 3.054%. The average annual growth rate of GDP per capita during the same time period was 2.68%. Suppose that the production function is Y - zK0.35N0.65. The Solow resid ual in 1950 was 4.3877. Labor input growth can explain 11.21% of GDP growth in Belgium during this period

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