Suppose in an economy the total factor productivity grows by 5%. Annual growth in labor and capital stock equal 2.5% and 1.5% respectively. If the labor force receives 75% of the real GDP, calculate the annual growth in the real GDP of the economy
a. 10.5%
b. 7.25%
c. 5.50%
d. 4.76%
e. 0.05%
b
Economics
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Zero economic profits would most likely exist in which market environment?
A) Pure monopoly B) Oligopoly C) Perfect competition D) Any market structure riddled with uncertainty E) None of the above.
Economics
If a new unit excise tax is levied on bottles of wine, the
A) demand for wine shifts to the left. B) demand for wine shifts to the right. C) supply of wine shifts to the right. D) supply of wine shifts to the left.
Economics
Cartel members have a collective interest in ____ industry price and a private interest in ____ their own prices
a. increasing; increasing b. increasing; decreasing c. decreasing; increasing d. decreasing; decreasing
Economics
Constraints
What will be an ideal response?
Economics