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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How is GDP per capita calculated differently from labor productivity?

To determine

To write:

The difference is calculation between GDP per capita and labor productivity.

Explanation

GDP per capita indicates the average income of individuals in a country and labor productivity measures the contribution of labor towardstotal production. Thus, the higher will be the contribution of the labor in production the greater will be per capita income...

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