Assume that you know that there are only two factors, capital and labour, and that aggregate capital income = $1.25 billion aggregate labour income = $4 billion capital stock growth rate = 1.2 percent employment growth rate = 2.8 percent output growth rate = 3.7 percent. then the average annual rate of aggregate technological progress is (1) 9.00 percent. (2) -0.30 percent. (3) 7.70 percent. (4) 1.28 percent

Assume that you know that there are only two factors, capital and labour, and that aggregate capital income = $1.25 billion aggregate labour income = $4 billion capital stock growth rate = 1.2 percent employment growth rate = 2.8 percent output growth rate = 3.7 percent. then the average annual rate of aggregate technological progress is (1) 9.00 percent. (2) -0.30 percent. (3) 7.70 percent. (4) 1.28 percent

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Productivity And Growth

Section: Chapter Questions

Problem 2.4P

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