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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

For a high-income economy like the United States, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middle-income country such as Brazil? A low-income country such as Niger?

To determine

To write:

The aggregate production function elements those are important for high-income, middle-income economy and low-income economy to cause a rise in per capita GDP.

Explanation

In countries like the USA, technology is the driving force of businesses. The companies in the USAinvest largelyin research and development to carry out innovation that helps them differentiate products and acquire greater market share.

Brazil still emphasizes on physical and human capital to increase its production level...

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