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Suppose a country's average labor productivity is $36,000 per worker, and the share of population employed is 55%. a. The real GDP per person
Suppose a country's average labor productivity is $36,000 per worker, and the share of population employed is 55%. a. The real GDP per person is $ (Give your answer rounded to the nearest whole number.) b. Suppose the population is 30 million, the working-age population is 20 million, and 17 million people are in the labor force. The real GDP is $ million. The labor force participation rate is The unemployment rate is %. %. (Give your answer rounded to the nearest whole number.) c. Suppose the natural rate of unemployment is 4%. The output gap is (Give your answer rounded to the nearest whole number.) %.
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