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Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313 Exercise 12
To what extent have increases in U.S. real GDP resulted from more labor inputs From higher labor productivity Rearrange the following contributors to the growth of real GDP in order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, technological advance.
Explanation
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Around 8 percent increase in U.S. real G...
Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
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