Given the aggregate hours of prodcution, real GDP & capital per hour of labor, calculation of growth rate of real GDP & labor prodcutivity.
The table provides some date on the U.S. economy in 2002 and 2003:
| Item |
2002 |
2003 |
| Aggregate hours (billion) |
240.7 |
242.3 |
| Real GDP(billions of 2000 dollars) |
9,440 |
9,629 |
| Capital per hour of labor (2000 dollars) |
104.85 |
106.23 |
1- Compute the growth rate of real GDP in 2003.
2- Compute labor productivity in 2002 and 2003.
3- Compute the growth rate of labor productivity in 2003.