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Suppose That the Australian Economy Initially Uses 50 Billion Hours

question 134

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Suppose that the Australian economy initially uses 50 billion hours of labor to produce $5 trillion of real GDP.If 50 billion more hours are employed and Australia's real GDP increases by $4 trillion more,


Definitions:

Gross Profit

The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

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