Question
Step 1 Evaluate the graph. U.S. economy data is broken down in the corresponding table by Year, Real GDP, Aggregate Hours, and Labor Productivity. Using
Step 1Evaluate the graph.
U.S. economy data is broken down in the corresponding table by Year, Real GDP, Aggregate Hours, and Labor Productivity. Using the data listed in the table for the U.S. economy, address the following: Calculate the growth rate between two periods. Calculate labor productivity and the growth rate in labor productivity.
Year | Real GDP | Aggregate Hours | Labor Productivity |
2009 | $9,000 billion | 300 billion hours | |
2010 | $9,300 billion | 300 billion hours |
Growth rate (%) of real gross domestic product (GDP) between 2009 and 2010 = ? Growth rate (%) of labor productivity between 2009 and 2010 = ?
Step 2Examine the differences in per capita gross domestic product growth.
Look at the differences in per capita GDP growth of the following countries in 2006:
- United States = 1.9%
- Canada = 1.7%
- India = 7.7%
- China = 10.1%
Step 3Address the questions that follow.
Using the growth rates you calculated in Step 1, answer the following questions:
- What do the different growth rates in per capita GDP imply about the differences in per capita GDP between 2006 and now?
- What factors, such as international trades, might explain such differences in per capital GDP growth rates?
- What are some other potential sources of economic growth?
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