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
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
Problem 20RQ: For a high-income economy like the United States, what aggregate production function elements are...
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