Suppose that work hours in New Zombie are 300 in year 1 and productivity is $16...
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $16 per hour worked.
a. What is New Zombie’s real GDP? If work hours increase to 320 in year 2 and productivity rises to $18 per hour, what is New Zombie’s rate of economic growth?
Homework Answers
Answer
a)
real GDP=work hours * productivity
=300*16
=$4800
The real GDP in year 1 is $4800
--------
b)
real GDP in year 2=18*320
=5760
the rate of economic growth=(( real GDP of the year - real GDP of last year)/real GDP of last year)*100
New Zombie’s rate of economic growth=((5760-4800)/4800)*100
=20%
the real GDP growth rate is 20%
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