LO 5.3The initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it st
1 answer:
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Answer: Rate of economic growth = 28%
Explanation:
In year 1,
Work hours in New Zombie = 300
Productivity = $10 per hour worked
Real GDP in the given year = Productivity × Work hours
= $10 × 300
= $3,000
In year 2,
Work hours in New Zombie = 320
Productivity = $12 per hour worked
Real GDP in the given year = Productivity × Work hours
= $12 × 320
= $3,840
Rate of economic growth =
=
= 28%