Suppose that the production function for the economy is Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
Total factor productivity for this economy is A) 16.50
B) 1,016.52
C) 2,083.33
D) 2,933.65
D
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Which of the following nations is NOT part of OPEC?
A. Kuwait B. Indonesia C. Iran D. Mexico
Tax expenditures can be viewed as government spending through the tax code
a. True b. False
Economies of scale is another term for
a. increasing returns to scale. b. constant returns to scale. c. increasing marginal physical productivity. d. decreasing returns to scale.
An decrease in equilibrium quantity would result from
A. an increase in demand with no change in supply. B. a decrease in supply with no change in demand. C. a decrease in demand with no change in supply. D. both a decrease in supply with no change in demand and a decrease in demand with no change in supply.