In the year 2014 total factor productivity was about ________ times ________ important than capital per person when determining differences in per capita GDP using the production model.

Question

Quizplus · Accepted Answer

Total factor productivity (TFP) is significantly more important than capital per person in determining differences in per capita GDP according to the production model. Studies and economic models have shown that TFP, which encompasses factors like technology, innovation, and efficiency, plays a crucial role in economic growth, often more so than the amount of capital per person.

In the Year 2014 Total Factor Productivity Was About ________