Use the Following Information to Answer the Question(s) Below

question 37

Multiple Choice

Use the following information to answer the question(s) below:
(1) the rate of depreciation is 10% per year,
(2) the population growth rate is 2% per year, and
(3) the growth rate of technology is 3% per year.
-Refer to the information above.Which of the following equals the annual growth rate of "effective labor" in the steady state in this economy?

• A)2%
• B)3%
• C)5%
• D)10%
• E) 15%

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