EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 26, Problem 2DQ
To determine
The foundation of modern economic growth .
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- Suppose that work hours in New Zombie
are 200 in year 1, and productivity is $8
per hour worked. What is New Zombie's
real GDP? If work hours increase to 210
in year 2 and productivity rises to $10
per hour, what is New Zombie's rate of
economic growth? LO8.4
If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
Select one:
O a.
9.7 percent
O b. 2.4 percent
O c. 3.5 percent
O d. 2.6 percent
4. What are the four supply factors of
economic growth? What is the demand
factor? What is the efficiency factor?
Illustrate these factors in terms of the
production possibilities curve. LO8.3
Chapter 26 Solutions
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