7 In Techland, from 1990 to 2020, holding technology and human capital fixed, increasing physical capital per worker from S25,000 to S100,000 wouldhave led to a doubling of real GDP per worker, from S40,000 to S80,000. However, not only did physical capital per worker increase from $25,000 toS100,000, but technological progress shifted the productivity curve upward so that real GDP per worker actually increased from $40,000 to $320,000.What share of the annual growth rate of real GDP per capita was attributable to higher total factor productivity?O 2.0%O S%O8.75%6.5%

1990: Physical capital = $25,000 per worker GDP = $40,000 Real GDP = $40,000 2020: Physical capital…

In Techland, from 1990 to 2020, holding technology and human capital fixed, increasing physical capital per worker from $25,000 to S100,000 would have led to a doubling of real GDP per worker, from S40,000 to S80,000. However, not only did physical capital per worker increase from $25s,000 to s100,000, but technological progress shifted the productivity curve upward so that real GDP per worker actually increased from $40,000 to $320,000. What share of the annual growth rate of real GDP per capita was attributable to higher total factor productivity? O 20 O 9% O8.75% 6.5%

In Techland, from 1990 to 2020, holding technology and human capital fixed, increasing physical capital per worker from $25,000 to S100,000 would have led to a doubling of real GDP per worker, from S40,000 to S80,000. However, not only did physical capital per worker increase from $25s,000 to s100,000, but technological progress shifted the productivity curve upward so that real GDP per worker actually increased from $40,000 to $320,000. What share of the annual growth rate of real GDP per capita was attributable to higher total factor productivity? O 20 O 9% O8.75% 6.5%

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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