The following table shows data for a hypothetical economy in 2006 and 2007. Use the table...

 

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The following table shows data for a hypothetical economy in 2006 and 2007. Use the table to answer the questions that follow. (Hint: When calculating growth rate for population use the following formula: Population Growth Rate = need to use similarly structured formulas for calculating growth rate of real GDP per person and the growth rate of labor productivity). Population in 2007-Population in 2006 Population in 2006 Population Number of Hours Worked Real GDP Real GDP per Person Labor Productivity 2006 400,000 1,000,000,000 $12,000,000,000 $ $ 2007 408,000 1,000,000,000 $12,362,400,000 $ The growth rate of the population between 2006 and 2007 is Calculate real GDP per person in 2006 and 2007 and enter the values in the previous table. The growth rate of real GDP per person between 2006 and 2007 is Calculate labor productivity in 2006 and 2007, and enter the values in the previous table. (Note: Enter your answer to the nearest penny.) Hint: Labor productivity is equal to real GDP divided by the number of hours worked, so the unit of measurement is dollars per hour. Based on your calculations, the growth rate of labor productivity between 2006 and 2007 is x 100. You will Assuming that real GDP per person is a good measure of living standards, between 2006 and 2007, living standards the following reasons? for which of The following table shows data for a hypothetical economy in 2006 and 2007. Use the table to answer the questions that follow. (Hint: When calculating growth rate for population use the following formula: Population Growth Rate = need to use similarly structured formulas for calculating growth rate of real GDP per person and the growth rate of labor productivity). Population in 2007-Population in 2006 Population in 2006 Population Number of Hours Worked Real GDP Real GDP per Person Labor Productivity 2006 400,000 1,000,000,000 $12,000,000,000 $ $ 2007 408,000 1,000,000,000 $12,362,400,000 $ The growth rate of the population between 2006 and 2007 is Calculate real GDP per person in 2006 and 2007 and enter the values in the previous table. The growth rate of real GDP per person between 2006 and 2007 is Calculate labor productivity in 2006 and 2007, and enter the values in the previous table. (Note: Enter your answer to the nearest penny.) Hint: Labor productivity is equal to real GDP divided by the number of hours worked, so the unit of measurement is dollars per hour. Based on your calculations, the growth rate of labor productivity between 2006 and 2007 is x 100. You will Assuming that real GDP per person is a good measure of living standards, between 2006 and 2007, living standards the following reasons? for which of

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Lets calculate the values and growth rates as requested Population Growth Rate Population Growth Rate Population in 2007 Population in 2006 Population in 2006 x 100 Population Growth Rate 408000 40000... View the full answer