Textbook Review Quiz Page 582 1. What is economic growth and how do we calculate its rate? 2. What is the relationship between the growth rate of real GDP and the growth rate of real GDP per person? 3. Use the Rule of 70 to calculate the growth rate that leads to a doubling of real GDP per person in 20 years. Page 593 2. Describe the sources of economic growth. STUDY PROBLEM 6 Labor Productivity in Lebanon 1997-2009 Between 1997 and 2009, in Lebanon, the annual output growth in the services sector was 3.6 percent and the annual output growth in the industrial sector was 1.7 percent During the same period, labor productivity decreased in both sectors: 1.1 percent annually in the services sector and 1.4 percent annually in the industrial sector. Source: Icps-lebanon.org/publications, October, 2012 In both sectors, output increased while labor productivity fell. Did the quantity of labor (aggregate hours) increase or decrease? In which sector was the change in the quantity of labor larger