If a country's per capita GDP is initially $100 and then grows for 3 years at 8 percent per year, its per capita GDP at the end of the three years will be around $10,000

How are the wage rate and employment determined in a competitive labor market?

What will be an ideal response?

If real GDP grows by 3% in 2014, 3.2% in 2015, and 2.5% in 2016, what is the average annual growth rate of real GDP?

A) 2.6% B) 2.9% C) 3.1% D) 4.2%