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Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912
Chapter 12.2, Problem 2QQ
Textbook Problem
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List and describe four determinants of a country’s productivity.

To determine
Productivity and its determinants.

Explanation of Solution

The four determinants of productivity are physical capital, human capital, natural resources, and technological knowledge available to workers. Physical capital is the stock of equipment and structures used to produce goods and services. Human capital on the other hand consists of the knowledge and skills that workers acquire through education, training, and experience...

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