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Chapter 25
Problem and Application
Question | Answer |
---|---|
An economy’s production form takes the form Y = AF(L, K, H, N). K represents the quantity of a. human capital only. b. physical capital only. c. human capital and physical capital combined. d. nonrenewable natural resources | physical capital only. |
An economy’s production form takes the form Y = AF(L, K, H, N). In the production function, which of the following represents technology? | A |
An economy’s production form takes the form Y = AF(L, K, H, N). If the production function has the constant-returns-to-scale property, then it can be rewritten as | Y/L = AF(1, K/L, H/L, N/L) |
An economy’s production form takes the form Y = AF(L, K, H, N) If the production function has the constant-returns-to-scale property, then if we know the values of A, K/L, H/L, and N/L, we also know the value of | labor productivity |