Assume that the hypothetical economy of Molpol has 9 workers in year 1, each working 1,900 hours per year (50 weeks at 38 hours per week). The total input of labor is 17,100 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, round your answers to the nearest whole number. In part c, round your answer to 2 decimal places
a. What is real GDP in Molpol? Suppose work hours rise by 2 percent to 17,442 hours per year and labor productivity rises by 5 percent to $10.5
b. In year 2, what will be Molpol's real GDP?
c. Between year 1 and year 2, what will be Molpol's rate of economic growth? percent
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Assume that the hypothetical economy of Molpol has 9 workers in year 1, each working 1,900 hours per...
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