The following table shows real GDP per hour of work in four imaginary countries in the years
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The following table shows real GDP per hour of work in four imaginary countries in the years 2004 and 2014. By what percentage did labor productivity grow in each country? Is it true that productivity growth was highest where the initial level of productivity was the lowest? For which countries?
Output per Hour | ||
2004 | 2014 | |
Country A | $40 | $48 |
Country B | 25 | 35 |
Country C | 2 | 3 |
Country D | 0.50 | 0.60 |
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Related Book For
Economics Principles and Policy
ISBN: 978-1305280595
13th edition
Authors: William Baumol, Alan Blinder
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