Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 8, Problem 5DQ
To determine
Possible reasons for the difference in total annual hours of work between Alpha and Omega.
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Suppose the 50% of the income generated by an economy is paid to workers, thus implying that the remaining 50% is paid to capital.
If GDP grew by 4%, capital grew by 1%, and labor grew by 3%, then what was the growth rate in technology? (Record your answer as a whole number, and do not include a "%".)
True or false? If false, explain why.a. Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future.b. Many public capital goods are complementary to private capital goods.c. Immigration has slowed economic growth in the United States.
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 function
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