In the United States, labor receives about 70 percent of national income, and capital receives about 30

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In the United States, labor receives about 70 percent of national income, and capital receives about 30 percent.

If total factor productivity increases by 1 percent, labor increases by 1 percent, and capital increases by 3 percent, by what percentage will national income increase?

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Fundamentals Of Economics

ISBN: 9780618992676

4th Edition

Authors: William Boyes , Michael Melvin

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