Problem
Suppose labor's share of GDP is 70 percent and capital's is 30 percent, total factor productivity is growing at an annual rate of 2 percent, the labor force is growing at a rate of 1 percent, and the capital stock is growing at a rate of 3 percent. What is the annual growth rate of real GDP?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.