Examlex
One way to measure a country's labor endowment is to adjust its share of the world's population using wages as a measure for differences in labor productivity and then compare this adjusted share to the country's share of world GDP. Use the hypothetical data in the following table to compute a country's share of world GDP, its share of world population, and its share of "effective" labor, as measured by wages.
Taxable Personal Income
The portion of an individual's earnings that is subject to taxation, after accounting for deductions and exemptions.
Proprietary Income
Income generated from owning a business or holding exclusive rights to a product or service.
Government-Run Businesses
Enterprises or organizations that are owned and operated by the government rather than by private individuals or other businesses.
Personal Income Tax
A tax levied on the taxable income of individuals, households, and unincorporated firms.
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