Real GDP (2010 dollars Nominal GDP Population Labor Force Inventory (2010 dollar
ID: 2809085 • Letter: R
Question
Real GDP (2010 dollars Nominal GDP Population Labor Force Inventory (2010 dollars)$25OB Net Exports (2010 dollars $51OB 2010 $5T $5T 98MM 55MM 2017 $6.5T $7.5T 114MM 60MM $410B $450B 2. What is the annualized real growth rate for GDP (from 2010 - 2017)? 3. What was the compound annual inflation rate from 2010 through 2017? Be precise (don't approximate) 4. What was the (annual) growth in real GDP per capita from 2010 through 2017? Be precise (don't approximate) 5. What was the annualized productivity growth rate from 2010 through 2017? Be precise (don't approximate)Explanation / Answer
Answer to question 5)
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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