A production function says output per worker equals A × f(L/L, K/L, H/L, N/L) and tells us all of the following EXCEPT _____ will lead to a better standard of living.

Question

Quizplus · Accepted Answer

Increasing the number of people (labor) without a corresponding increase in other inputs or improvements in technology does not necessarily lead to a better standard of living, as it may dilute the amount of capital, human capital, and natural resources available per worker.

A Production Function Says Output Per Worker Equals a ×