Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 2, Problem 5SPPA
To determine
To explain:
The factor of production that grows faster when more training and scholarships are provided to poor students.
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An increase in labor productivity means businesses will produce more output with the same amount of labor. Explain
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Chapter 2 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
Ch. 2 - Prob. 1SPPACh. 2 - Prob. 2SPPACh. 2 - Prob. 3SPPACh. 2 - Prob. 4SPPACh. 2 - Prob. 5SPPACh. 2 - Prob. 6SPPACh. 2 - Prob. 7SPPACh. 2 - Prob. 8SPPACh. 2 - Prob. 9SPPACh. 2 - Prob. 10SPPA
Ch. 2 - Prob. 1IAPACh. 2 - Prob. 2IAPACh. 2 - Prob. 3IAPACh. 2 - Prob. 4IAPACh. 2 - Prob. 5IAPACh. 2 - Prob. 6IAPACh. 2 - Prob. 7IAPACh. 2 - Prob. 8IAPACh. 2 - Prob. 9IAPACh. 2 - Prob. 10IAPACh. 2 - Prob. 11IAPACh. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Prob. 5MCQCh. 2 - Prob. 6MCQCh. 2 - Prob. 7MCQ
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Similar questions
- By choosing a point along the total physical product curve, physical output is Quantity Outputs y O Output= A f {Land, Labor, Capital, Technology, Entrepreneurship) where A represents the productivity of resources. Quantity Inputs 2.3 2.4 T.arrow_forwardEach of the following is generally considered to be a factor of production EXCEPT- capital money technical knowledge laborarrow_forwardClassify 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 innovationarrow_forward
- 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 businessarrow_forwardWhy do you think the various factors of production is an important concept of economic in production?arrow_forwardWhy does an increase in the labor force cause the Market Productivity of Capital to increase?arrow_forward
- In macroeconomics, the connection from inputs to outputs for the entire economy is called _______________. Question options: a) physical capital b) a production function c) human capital d) an aggregate production functionarrow_forwardWhich 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.arrow_forwardAn economy's infrastructure refers to its Opublic capital goods, such as roads, schools, and power facilities. O financial and banking institutions. Oland and natural resources. O surplus supplies of unskilled labor.arrow_forward
- PPF – what does this abbreviation stand for and what does this mean and describe it briefly?Also describe each component of the given production function P(L,K) = BLa Kbarrow_forwardWhat are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?arrow_forwardClassify 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 businessarrow_forward
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