Question 1 (10 marks) You are a junior economist at the United Nations Development Program (UNDP) and your supervisors w

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Question 1 10 Marks You Are A Junior Economist At The United Nations Development Program Undp And Your Supervisors W 1 (34.49 KiB) Viewed 29 times

Question 1 (10 marks) You are a junior economist at the United Nations Development Program (UNDP) and your supervisors would like you to prepare a technical brief on economic growth for several countries for their annual report on economic growth and development in specific regions. Specifically they would like to know, for each country, the annual growth rate of GDP (including its breakdown following the formula used), and the contribution of the share of GDP that accrues to capital (K) and labour (L). It is necessary to show all formulas and workings in your brief. Use proper jargon and write as if you are presenting this to your supervisor. Here is the information available for the hypothetical economy of Hypothetica: It's labour force has grown by 1.5%, which is four-fifths of the growth rate of its capital stock. The labour share of GDP (i.e. output) is 0.65. Improvements in managerial skill, entrepreneurship and improvements in learning-by-doing' has boosted output by 0.25% within the same timeframe.