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The capital-output ratio (COR) in an economy refers to the amount of capital required to produce one unit of output. The Incremental Capital Output Ratio (ICOR), a dynamic version of COR, specifically measures the additional capital needed to produce an additional unit of output. It is calculated as the ratio of investment to the corresponding increase in output. A lower ICOR indicates greater efficiency in capital use, while a higher ICOR implies lower productivity of capital. Several factors influence the capital-output ratio in an economy. One significant factor is the level of ___ _____ _______ __________ _________ ________.
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