The rationale for developing a model in which real GDP depends only on labor is
A) to prove that productivity growth was higher before the Industrial Revolution.
B) to prove that capital and technology play a key role in productivity growth.
C) to prove that productivity growth can occur without capital.
D) to prove that productivity growth can occur without technology.
E) to prove that labor is a key source of productivity growth.
Correct Answer:
Verified
Q4: Which of the following is true?
A)Economic growth
Q5: The flattening out of the production function
Q6: When capital is included in the production
Q7: Productivity is defined as
A)output per person.
B)output per
Q8: The total amount of capital in the
Q10: As more capital is added per worker,
Q11: Diminishing returns to labor exists
A)in any economy.
B)only
Q12: Which of the following is true?
A)Growth in
Q13: Prior to 1800, productivity growth averaged
A)1 percent
Q14: Which of the following should be focused
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