Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation
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- Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation (iv) The government invests in a new entrepreneurship training program (v) The government implements major reforms to make it easier to transact businessClassify each of the following as a movement along or a shift of the production function and provide a justification for your choice. An increase in the number of machines used in production, an increase in the population growth rate, a new technological innovation,the government invests in a new entrepreneurship training program, the government implements major reforms to make it easier to transact businessFor each of the following, identify which inputs into the production function changed(i.e., Physical Capital, Human Capital, or Labor). Also identify whether this phenomenon will increase or decrease economic growth.(a) The government increases federal aid for students to go to college.(b) States embark on a program to increase charging networks for electric cars.(c) A big chunk of the population decides to drop out of the workforce to spend moretime playing video games.
- Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (1)An increase in the number of machines used in production (2) An increase in the population growth rate (3) A new technological innovationMany countries, including Pakistan, import substantial amounts of goods and services from other countries. However, economists claim that a country can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Can you reconcile these two facts? (Maximum 100 words). Given the production function Y= AF (L, K, H, N), explain the determinants of productivity. ( Maximum100 words). Population growth has a variety of effects on productivity. Explain this statement and justify your answer. (Maximum 200 words).An increase in the amount of physical capital per worker _________, while technological progress ________. Group of answer choices A) shifts up the aggregate production function; moves the economy along the aggregate production function B) moves the economy along the aggregate production function; shifts up the aggregate production function C) makes the aggregate production function steeper; changes the slope of the aggregate production function D) makes the aggregate production function steeper; makes the aggregate production function flatter
- For a given level of technology, the level of labor productivity would increase in all of the following situations except when: A. there is an increase in natural resources per worker B. there is an increase in human capital per worker C. there is an increase in physical capital per worker D. there is an increase in laborWhy does adding capital to a production function make the economy more productive? What are diminishing returns to capital? How does technology affect productivity and growth?Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation (iv) The government invests in a new entrepreneurship training program (v) The government implements major reforms to make it easier to transact business solutions fpr 3,4 and 5
- Write the production function in its simplest form (human capital being included in TFP) and explain the nature of each factor as well the theoretical value of the parameter Alpha. In other words what does the value of Alpha represent regarding the returns of each factors of production?Which one of the following is not a determinant of productivity? A greater stock of labor. More human capital per worker. More physical capital per worker. Technological advancement. All of the answers are determinants of productivity.Assume the production function takes the general form: Y=Z*F (K,L,A)where all marginal products are positive.Which 3 of the following statements are correct?a. If A is fixed, then population growth acts as a drag on growth of output per person.b. If A is fixed, then population growth acts as a drag on growth, and so Malthus was correct that populationgrowth will always reverse the impact of technological improvements.c. Both rises in z and rises in K/L (capital intensity) will boost output per worker.d. Growth in output per worker can occur due to rises in z (technology) or rises in K/L (capital intensity), orboth.