$\text { Consider the following production function }$ Y = A×K^a×L^1?a

question 39

Multiple Choice

$\text { Consider the following production function }$ Y = A×K^a×L^1?a. If a = 0.3, and over the past year total factor productivity grew 2.3 percent, capital grew 2 percent, and labor grew 3 percent, what was the growth rate of output?

• A)0 percent
• B)5 percent
• C)2 percent
• D)7 percent

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