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Output vs. Workers. Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers? What are the implications in our economy of more output being produced by fewer workers?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M975897

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