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Item19981999 Aggregate Hours Worked (billions) 25.025.2 Real GDP (billions of 1992 dollars) 840880 a) Calculate the growth rate of real GDP in 1999. b) Calculate

Item19981999

Aggregate Hours Worked (billions) 25.025.2

Real GDP (billions of 1992 dollars) 840880

a) Calculate the growth rate of real GDP in 1999.

b) Calculate labor productivity in 1998.

c) Calculate labor productivity in 1999.

d) Calculate the growth rate of labor productivity in 1999.

(Hint: Labor productivity is real GDP per hour of labor; that is, it is real GDP divided by aggregate hours worked).

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