year 19782 11992 2012 - 2019 Real GDP (trillions of 2017 US$) 1.595 3.556 105416 205/3 Capital (trillions of 2017 US$) 1.749 5222 49921 99.609 Employment (billions) 0454 0683 0.788 0.799 Population (billions) 0972 - 1207 41384 ' 1433 Hours per worker a year 1,973 1,978 - 2.184 2,169 (a) (1 point) Compute China's total factor productivity (TFP) in 1978 and 2019. In this case, the unit for TFP is trillion US$ per trillion US $ of capital and per billion workers. Use the value given as is. Don't add the zeros behind each measurement. Also, the values calculated will be different from question 1 because capital and labor are measured in different scales. (b) (2 points) Compute the average annual growth rate of real GDP, capital, employment, and TFP in China only between 1978 and 2019. (c) (2 paints) In the GDP growth of China, what percentage is explained by the increase in employment, by capital accumulation, and by the improvement of production efficiency? Which one is the most important? 1978 was the year when China started embracing markets. 1992 and 2012 are roughly two other major turning points in China's economic are interested, you can do the same exercises for each Again, please don't submit this portion. policies. If you period and see what you can find