Use the data in the table to answer the question. Productivitygrowth Growth of capital perhour worked1980–2000 4% 5.5%2000–2020 3% 6.5%Based on this data, by how much did the growth rates of productivity and technology rise and fall between these two time periods? Express your answer as the change in the rate rounded to two decimal places.The growth rate of productivity fell by percent, and the growth rate of technology fell by percent.
Question
Use the data in the table to answer the question. Productivitygrowth Growth of capital perhour worked1980–2000 4% 5.5%2000–2020 3% 6.5%Based on this data, by how much did the growth rates of productivity and technology rise and fall between these two time periods? Express your answer as the change in the rate rounded to two decimal places.The growth rate of productivity fell by percent, and the growth rate of technology fell by percent.
Solution
The growth rate of productivity fell by 1.00 percent (from 4% in 1980-2000 to 3% in 2000-2020). On the other hand, the growth rate of technology (capital per hour worked) increased by 1.00 percent (from 5.5% in 1980-2000 to 6.5% in 2000-2020).
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