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Microeconomics principles and policy 13th edition baumol solutions manual 1. This could be because labor is more productive in Connecticut because of a better educated workforce. Clipping is a handy way to collect important slides you want to go back to later. Product details Paperback: Amazon Rapids Fun stories for kids on the go. Roughly 14 percent produce goods, 70 percent are service workers, and approximately 16 percent work in federal, state, and local government. Be the first to like this.
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Shopbop Designer Fashion Brands. Deals and Shenanigans. PillPack Pharmacy Simplified. One straightforward answer is that the factors of production in Connecticut produce output that is worth more than what is produced in New Mexico. This could be because labor is more productive in Connecticut because of a better educated workforce. Another answer is that the cost of living is higher in Connecticut than it is in New Mexico. Roughly speaking, what fraction of U.
In service businesses?
In government? Roughly 14 percent produce goods, 70 percent are service workers, and approximately 16 percent work in federal, state, and local government. Most American businesses are small, but most of the output is produced by large businesses.
That sounds paradoxical.
How can it be true? While there are many small businesses in the U. For example, a local grocer cannot produce the same amount as a large national grocery store. It would take several small grocers to match the production of a large store. So, while a large retailer like Wal-Mart is considered to be one business, its production exceeds that of a smaller business.
What is the role of government in a mixed economy? The government is a referee—it enforces laws and establishes order.
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