Villareal's nominal GDP increased from $1275 billion to $159 billion last year. During the year, its economy experienced infiation, withits price index increasing from 102 to 106, while the number of persons employed increased from 15 million to 16 millionBy what percentage did its labour productivity increase during the year?Labour productivity increased by1%. Round your answer to 2 decimal places

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Answered: By what percentage did its labour…

By what percentage did its labour productivity increase during the year? Labour productivity increased by %. Round your answer to 2 decimal places

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Villareal's nominal GDP increased from $1275 billion to $159 billion last year. During the year, its economy experienced infiation, with
its price index increasing from 102 to 106, while the number of persons employed increased from 15 million to 16 million
By what percentage did its labour productivity increase during the year?
Labour productivity increased by
1%. Round your answer to 2 decimal places

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