QUESTION 6 Suppose you are given the following information. GDP for the U.S has grown at three percent (0.03) for the last twenty years. Employment has grown at one percent per year. The stock of capital has grown at three percent. The share of capital in output is forty percent. Output per worker has grown at 2 percent it has fallen at the rate of one percent 3 percent. At the same rate as the capital stock. We do not have enough information to answer this question. QUESTION 7 Total Factor Productivity (A) grows at a rate of 2 percent 1.25 percent - 2 percent. At the same rate as the capital stock. 1.2 percent. QUESTION 8 Looking at the growth of output per worker, capital accounts for 30 percent of growth
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03 - 0.01 - 0.03 Output per worker growth rate = -0.01 Show more…
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The following data gives real GDP, Y, capital K, and labor, N, for the US economy in various years: Year Y K N 1960 2502 2695 65.8 1970 3772 4044 78.7 1980 5162 5831 99.3 1990 7113 7809 118.8 2000 9817 10,392 136.9 2007 11,524 11,849 146.0 Assume that the production function is Y = AK^0.3N^0.7. a. By what percentage did U.S total factor productivity grow between 1960 and 1970? Between 1970 and 1980? Between 1980 and 1990? Between 1990 and 2000? Between 2000 and 2007? b. What happened to the MPN between 1960 and 2007?
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