Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 16, Problem 5E
To determine
Suppose labor share
Calculate the annual growth rate of real GDP.
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Text:Using the labor market, the production function Real GDP = T (L, K), and the LRAS curve, describe briefly the process by which a decrease in income taxes impacts economic growth.
Suppose that in a particular country, nominal gross domestic product(GDP) grew by 8 percent and the GDP deflator increased by 10 percent. The country's growth rate of real GDP would be approximately equal to?
Suppose you are given data on the rate of growth of GDP, capital, and labour, and the share of these two factors in GDP. How would you calculate the contribution of Total Factor Productivity to growth? Explain it verbally and formally.
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