If the Growth Rate of Technology Is 3 Percent Over

question 3

Multiple Choice

If the growth rate of technology is 3 percent over a given period of time and there has been no change in the amount of capital per hour worked,then,based on Solow's growth accounting formula,the growth rate of real GDP per hour of work will be

• A)3.33 percent.
• B)1 percent.
• C)2.67 percent.
• D)3 percent.
• E)2 percent.

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Definitions:

Quantity Supplied

The total amount of a good or service that producers are willing to sell at a given price over a specified period.

Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.

Mushrooms

Fungi that grow above ground or on a food source and are often used in cooking for their flavor and nutritional value.

Gardenburgers

A brand of meatless burgers, typically made from vegetables, grains, and legumes, catering to vegetarians or those seeking alternative diet options.