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Given the aggregate hours of prodcution, real GDP & capital per hour of labor, calculation of growth rate of real GDP & labor prodcutivity.

The table provides some date on the U.S. economy in 2002 and 2003:

Item 2002 2003
Aggregate hours (billion) 240.7 242.3
Real GDP(billions of 2000 dollars) 9,440 9,629
Capital per hour of labor (2000 dollars) 104.85 106.23

1- Compute the growth rate of real GDP in 2003.

2- Compute labor productivity in 2002 and 2003.

3- Compute the growth rate of labor productivity in 2003.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920418

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