The labor productivity is increasing by 2 every year what
Suppose the labor force in Australia is growing by 5% every year. The labor productivity is increasing by 2% every year. What has to be the growth rate of output to keep the unemployment rate constant?
The answer is 7%, can someone explain it?
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suppose thenbsplabor force in australia is growingnbspby 5 every year the labor productivity is increasing by 2 every
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