Suppose the 50% of the income generated by an economy is paid to workers, thus implying that the remaining 50% is paid to capital. If GDP grew by 4%, capital grew by 1%, and labor grew by 3%, then what was the growth rate in technology? (Record your answer as a whole number, and do not include a "%".)
Suppose the 50% of the income generated by an economy is paid to workers, thus implying that the remaining 50% is paid to capital. If GDP grew by 4%, capital grew by 1%, and labor grew by 3%, then what was the growth rate in technology? (Record your answer as a whole number, and do not include a "%".)
Chapter16: Economic Growth
Section: Chapter Questions
Problem 10E
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