Use the growth accounting method (sources of growth analysis) to an...

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Use the growth accounting method (sources of growth analysis) to answer this question. A country’s labor force grows 1.2 percent and its capital stock grows 3 percent. Assume that labor share of output is 0.75. If the economy grows 5 percent, how much does total factor productivity grow? What proportions of recorded economic growth can we attribute to growth in the capital stock, growth in the labor force, and changes in overall productivity?

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Use the growth accounting method (sources of growth analysis) to answer this question. A country’s labor force grows 1.2 percent and its capital stock grows 3 percent. Assume that...

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