The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Year Y K N 1970 3460 4400 75 1980 5196 6000 104 1990 7123 7600 119 2000 10,044 10,400 139 2010 11,606 11,600 152 2020 14,961 13,500 173 Assume that the production function is Y=AKO.3 NO.7 Calculate the growth rate of total factor productivity in each decade. Between 1970 and 1980, U.S. total factor productivity grew by 8.82 %. (Enter your answer as a percentage rounded to one decimal place.) Between 1980 and 1990, U.S. total factor productivity grew by ☐ %. (Enter your answer as a percentage rounded to one decimal place.)

QUESTION 20 Refer to the information to answer this question. What is the percentage increase in productivity between 2020 and 2021? Output Labour Inputs 1,300 units 1,350 units A. 3.8% B. 5.2% C. 8.3% OD. 12.5% Year 2020 2021 15,600 tonnes 17,550 tonnes

11. In 2022 a country has the following data: GDP TFP Capital Labor Y A K L 400 1,100 20 The production function is Y = A¿KQ4 LQ.6 and the capital stock evolves according to Kt+1 growth rate of labor is 0.6% and TFP growth is 2%. Assume that population is equal to labor. Use the Solow model to calculate per-capita GDP in 2024 (two years later). (1 – d)Kt + It. The saving rate 22%, the depreciation rate is 10%, the (а) 498.32 (b) 504.42 (c) 516.96 (Right answer) (d) 548.87

Consider the following data about U.S. real GDP for the George W. H. Bush (1989-1993) and Bill Clinton (1993-2001) administrations: Year Real GDP (US$ billions) 1989 8786.4 1993 9521.0 2001 12682.3 The total growth rate for the Bill Clinton administration is (round to the nearest two decimals): %