Use the following information to answer questions 2 – 7: 2010 2017 Real GDP (2010 dollars)...
Use the following information to answer questions 2 – 7: 2010 2017 Real GDP (2010 dollars) $5T $6.5T Nominal GDP $5T $7.5T Population 98MM 114MM Labor Force 55MM 60MM Inventory (2010 dollars) $250B $410B Net Exports (2010 dollars) $510B $450B 5. What was the annualized productivity growth rate from 2010 through 2017? Be precise (don’t approximate).
Homework Answers
Answer:
Productivity basically measures real economic output per labor hour, it is measured by dividing real GDP by labor force
Growth in productivity is measured by the change in economic output per labor over a given period of time.
Productivity in 2010:
Productivity (2010) = Real GDP of 2010 / labor force in 2010
= 5 Trillion / 55 Million = $ 90909 Per labor
Productivity in 2017:
Productivity (2017) = Real GDP of 2017 / labor force in 2017
= 6.5 Trillion / 60 Million = $ 108333 Per labor
Growth in productivity = (Productivity of 2017 / Productivity of 2010) - 1
= 108333/90909 -1 = 0.1917 = 19.17%
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Use the following information to answer questions 2 – 7: 2010
2017 Real GDP (2010 dollars)...
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