For each of the following scenarios, calculate the percentage change in real GDP per capita, assuming there
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For each of the following scenarios, calculate the percentage change in real GDP per capita, assuming there is no change in technology:
a. Average hours are constant; EPR, productivity, and population each increase by 2%.
b. Average hours and EPR are constant; productivity increases by 2%.
c. Average hours, productivity, and population each increase by 2%; EPR is constant.
d. Average hours and EPR each decrease by 2%; productivity increases by 2%.
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1111822354
6th edition
Authors: Robert E. Hall, Marc Lieberman
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