If the Growth Rate of Technology Is 2 Percent Over

question 162

Multiple Choice

If the growth rate of technology is 2 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)1.67 percent.
• B)1 percent.
• C)1.67 percent
• D)3 percent.
• E)2 percent.

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Definitions:

Educates People

The process of providing knowledge, skills, and information to individuals, typically through structured learning environments.

Provides Jobs

The creation or provision of employment opportunities for individuals within a community or economy.

Strong Incentives

Powerful motivators or rewards designed to influence the actions and behaviors of individuals or organizations towards specific outcomes.

Redesign Products

The process of revising and improving existing products to meet new standards, enhance functionality, or reduce environmental impacts.