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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Why is productivity important?

To determine

The importance of productivity.

Explanation

The fundamental relationship between productivity and standard of living is positive. Productivity is the primary determinant of living standards. Raising productivity in the long run is the most effective way to lift up standards of living when the economic productivity increases the real GDP (Gross domestic product) per capita of the economy...

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