Suppose in an Economy the Total Factor Productivity Grows by 5%.Annual

question 95

Multiple Choice

Suppose in an economy the total factor productivity grows by 5%.Annual growth in labor and capital stock equal 2.5% and 1.5% respectively.If the labor force receives 75% of the real GDP, calculate the annual growth in the real GDP of the economy.

• A)10 .5%
• B)7.25 %
• C)5.50 %
• D)4.76 %
• E)0.05 %

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Definitions:

Sole Proprietorship

A business owned and operated by a single individual, without any formal legal entity separation.

C Corporation

A legal structure for corporations in the U.S. where the owners are taxed separately from the entity, providing limited liability protection.

Partnership

A business structure where two or more individuals share ownership, profits, and responsibilities for managing the enterprise.

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