Assume no change in the labour force. In the 2030s, physical capital increased by 20% and GDP increased by 15%. In the 2040s, physical capital increased by 20% and GDP increased by 10%. This is consistent with marginal product of capital. If asked about total factor productivity, we O negative; can infer it decreased. O negative; cannot infer whether it increased or decreased. O diminishing; can infer it decreased. O diminishing; cannot infer whether it increased or decreased.

Assume no change in the labour force. In the 2030s, physical capital increased by 20% and GDP increased by 15%. In the 2040s, physical capital increased by 20% and GDP increased by 10%. This is consistent with marginal product of capital. If asked about total factor productivity, we O negative; can infer it decreased. O negative; cannot infer whether it increased or decreased. O diminishing; can infer it decreased. O diminishing; cannot infer whether it increased or decreased.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.3P

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