Let GDP = $7,000 Billion at the Beginning of 1996

question 48

Multiple Choice

Let GDP = $7,000 billion at the beginning of 1996. To achieve a GDP of
$7,700 billion by December 31 of that year in the absence of growth in either the size of the labor force or productivity and assuming the capital and labor share distribution of the U.S. economy, the capital stock would have to increase by

• A) 3 percent.
• B) 3.3 percent.
• C) 10 percent.
• D) 33 percent.
• E) none of the above.

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Definitions:

Agreement

A mutual understanding or arrangement between two or more parties, often formalized by a contract or other legal document.

Duration

How long something lasts or is present.

Brief Therapy

A short-term psychological treatment aimed at addressing specific issues within a limited number of sessions.

Deserted

Refers to a place or area that has been abandoned or left empty with no inhabitants.