Before 1700 per capita GDP across countries differed by a factor of: a. 1 d. 50 b. 2-3 e. C. 10 100. The labor share of income is defined as and it is approximately equal to in the US. (Notations: Y is GDP, L is labor force, K is the stock of capital, w is the real wage, and r is the rental price of capital) a. L/Y; 50% b. wL/rK; 40% c. K/Y; 30% d. WL/Y; 70% e. w/Y; 30%

Before 1700 per capita GDP across countries differed by a factor of: a. 1 d. 50 b. 2-3 e. C. 10 100. The labor share of income is defined as and it is approximately equal to in the US. (Notations: Y is GDP, L is labor force, K is the stock of capital, w is the real wage, and r is the rental price of capital) a. L/Y; 50% b. wL/rK; 40% c. K/Y; 30% d. WL/Y; 70% e. w/Y; 30%

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 1QR

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