Figure 12-1 shows that the share of labor in national income changed little from 1970 to 2007

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Figure 12-1 shows that the share of labor in national income changed little from 1970 to 2007 even though total incomes (GDP) rose by a factor of three. Draw a set of economywide curves like those in Figure 12-8 which can explain these two facts.

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Economics

ISBN: ?978-0073511290

19th edition

Authors: Paul A. Samuelson, William Nordhaus

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Question Posted: Dec 05, 2015 03:32 AM

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Figure 12-1 shows that the share of labor in national income changed little from 1970 to 2007

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Average real wages equal TPL If TP ...View the full answer

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