Why was Land Use Reform a successful policy in several Asian countries in promoting economicgrowth?By making public land available for farming, peasant farmers could rotate crops more easily.By making all farmland publicly owned, farmers could collectively work to maximize their yields.O By reallocating farmland for use in manufacturing, industrialization was incentivized.O By taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive toimprove their yields. A country has a Cobb-Douglas production function given by: Y = AK0.5H0.3If total factor productivity is 40, human capital is 2,198, and the capital stock is 3,139, what willthis country's GDP be?Do not round until your final answer, when you may round to two decimal places.

Answer: (1). Given, Production function: Y=AK0.5H0.3 Total factor productivity (A) = 40 Human…

A country has a Cobb-Douglas production function given by: Y = AK0.5H0.3 If total factor productivity is 40, human capital is 2,198, and the capital stock is 3,139, what will this country's GDP be? Do not round until your final answer, when you may round to two decimal places.

A country has a Cobb-Douglas production function given by: Y = AK0.5H0.3 If total factor productivity is 40, human capital is 2,198, and the capital stock is 3,139, what will this country's GDP be? Do not round until your final answer, when you may round to two decimal places.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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Question

Why was Land Use Reform a successful policy in several Asian countries in promoting economic
growth?
By making public land available for farming, peasant farmers could rotate crops more easily.
By making all farmland publicly owned, farmers could collectively work to maximize their yields.
O By reallocating farmland for use in manufacturing, industrialization was incentivized.
O By taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive to
improve their yields.

A country has a Cobb-Douglas production function given by: Y = AK0.5H0.3
If total factor productivity is 40, human capital is 2,198, and the capital stock is 3,139, what will
this country's GDP be?
Do not round until your final answer, when you may round to two decimal places.

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