Suppose that work hours in New Zombie are 300 in year 1, and productivity is $10 per hour worked. Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? 2$ b. If work hours increase to 320 in year 2 and productivity rises to $12 per hour, what is New Zombie's rate of economic growth? percent

Suppose that work hours in New Zombie are 300 in year 1, and productivity is $10 per hour worked. Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. a. What is New Zombie's real GDP? 2$ b. If work hours increase to 320 in year 2 and productivity rises to $12 per hour, what is New Zombie's rate of economic growth? percent

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 1QR

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