The table below shows various values of labour (L) ,capital (K) ,and technology (T) for Economies A,B,and C.In each case,the aggregate production function takes the following form:
Y = T ×
TABLE 25-4
-Refer to Table 25-4.Consider the changes shown for L,K,and T for Economy A,where output (Y) is the economy's real GDP.As total labour input rises,this economy will show
A) rising GDP and rising per capita GDP.
B) rising GDP but falling per capita GDP.
C) rising per capita GDP and output rising faster than capital.
D) GDP rising more slowly than capital but per capita GDP falling.
E) declining GDP and declining per capita GDP.
Correct Answer:
Verified
Q107: An example of "embodied technical change" is
A)education
Q109: The growth of "total factor productivity," or
Q110: Modern or "new" theories of long-run economic
Q111: The table below shows various values of
Q112: When a new personal computer is purchased
Q113: New theories of economic growth based on
Q115: If a country experiences growth in "total
Q119: With respect to long-run economic growth,one rationale
Q120: According to the "new" theories of economic
Q123: Consider the newer theories of economic growth.Given
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents