O A. improvements in technology does not improve standards of living. O B. increases in land use lowers standards of living. O C. increases in capital stock does not achieve the steady state. higher labour supply do es pot incroase total factor produotivity,
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- Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?Which of the following statements about the opportunity cost of economic growth is correct? The opportunity cost of economic growth O A. is human capital O B. is capital consumption O C. is greater the faster we make our production grow O D. is zeroJtilizing the aggregate production functions to the right, Robert Solow asserted that the most significant or critical factor in driving long term economic growth is and is reflected in the movement from to O A. capital accumulation; "B" to C" Production function3 D B. technological change; "A" to "B" Production function2 O C. economies of scale; "D" to "C" O D. technological change; "B" to "C Production function, :B O E. capital accumulation; "A" to "C" $40 Capital per hour worked (K/L) 60 Click to select your answer. la 19 Lhednge SSS-76 DOCX cBook Air F9 F10 F11 F12 F7 F8 + 8 9 del Real GDP per houraorked (Y/L)
- For an economy described by the production model where labor's share of income is constant and equal to 2/3, the rate of increase of wages will be equal to Select one or more: a. The rate of increase of A or total factor productivity plus 2/3 times the rate of increase of capital per worker. O b. The rate of increase of 2/3 times output per worker. C. The rate of increase of output per worker. n d. The rate of increase of A or total factor productivity plus 1/3 times the rate of increase of capital per worker. Consider a CES production function with the elasticity of substitution equal to 2. What happens to the capital payment share if the rental to wage ratio rises? Select one: O a. It does not change. O b. It increases. O c. Not enough information is given to answer this question. O d. It decreases.PER CAPITA OUTPUT to YEAR In the Romer model in figure above, at time to, a change in the shape of the production function can be explained by an increase in the: Select one: O a. ideas efficiency parameter. O b. population. O c. saving rate. O d. share of labor engaged in research. O e. growth rate.Which of the following is correct? a)A decrease in theproductivity of labour leads to economic growth. b)An increase in thequantity of labor always leads to economic growth. c)Increased educationadds to the stock of human capital, not unlike building factories adds to thestock of physical capital. d)Third World countriesare rich in human capital.
- The population growth rate increases by 10%. What would be the impact on the country's production function? Select one: a. movement downward along the same curve O b. shift outwards O c. shift inwards O d. remain unchanged O e. movement upwards along the same curveQUESTION 22 Which of the following will not increase the average productivity of labor? O a. an increase in the stock of real capital Ob improvements in the quality of the nation's education and training system Oc technological progress O d. an increase in the size of the labor forceWhat were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
- 1. Country A and B both have the production functionY = F (K, L) = K ½L ½or Y = K0.5 L0.5 a) What is the per-worker production function, y= f (k)? Please make sure to write specificfunctional form of the per-worker production function. b) Assume that neither country experiences population growth nor technological progressand that 4 percent of capital depreciates each year. Assume further that country A saves 24percent of output each year and country B saves 16 percent of output each year. Using youranswer from part a) and the steady-state condition, find the steady-state level of capital perworker for each country. Then find the steady-state levels of income per worker for eachcountry and steady-state level of consumption per worker for each country.Productivity varies across countries because of differences in (Check all that apply) A. physical capital. OB. technology. O C. income D. human capital. O E. GDP. Human capital is Physical capital is any good, including machines and buildings used for production Technology is each person's stock of skills to produce output or economic value the ability to use labor and capital more efficientlyWhich of the following will improve with the increase in productivity? O a. Prices O b. None of these given options O c. Population O d. Standard of living