Labour-saving technical progress means a) that marginal productivity of capital increases. b) that marginal productivity of labour increases. c) that marginal productivity of both inputs increases. d) None of the above is correct.
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Labour-saving technical progress means
a) that marginal productivity of capital increases.
b) that marginal productivity of labour increases.
c) that marginal productivity of both inputs increases.
d) None of the above is correct.
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- 10. Labour-saving technical progress means a) that marginal productivity of capital increases. b) that marginal productivity of labour increases. c) that marginal productivity of both inputs increases. d) None of the above is correct. CHOOSE ONE ANSWER ONLY.Which of the below statements in INCORRECT about "labor productivity"? A) Economies that produce with more labor-hours and less technology and physical capital have higher labor productivity and are richer economies. B) Labor productivity is the output produced per one unit of worker-time. The unit of time commonly used to calculate labor productivity is one hour. C) Higher labor productivity implies a higher standard of living. D)An economy's output or GDP increases as its labor productivity increases. E) Labor productivity is higher in more industrially advanced technologically efficient economies, than in poor, less-developed, technology-strapped economies.Suppose labor productivity increased by 4% last year. If technological progress was 3%, by how much must have the capital-to-labor ratio increased? A) 3%. B) 2%. C) 1%. D) 0%.
- True or False A production function in "economics" summarizes the technological relationship between inputs and outputs.Assume that a country's production function is Y = K/2*L/2 and there is no population growth or technological change. a. What is the per-worker production function y = f (k)? b. Assume that the country possesses 40,000 units of capital and 10,000 units of labor. What is Y? What is labor productivity computed from the per-worker production function? Is this value the same as labor productivity computed from the original production function? c. Assume that 10 percent of capital depreciates each year. What gross saving rate is necessary to make the given capital-labor ratio the steady-state capital-labor ratio? (Hint: In a steady state with no population growth or technological change, the saving rate multiplied by per-worker output must equal the depreciation rate multiplied by the capital- labor ratio.)A country's choice of producing capital goods versus consumption goods today a - has no effect on the country's PPF over time because resources are fixed. b - would have the same effect on PPF over time since both drive economic growth evenly. c - would expand PPF more over time if more capital goods are produced today. d - would expand PPF more over time if more consumption goods are produced today.
- Which of the following would be strategies to increse productivity A.) Invest in accumulating more physical capital B.) Invest in innovation in technology C.) Invest in education D.) All of the abovea)Distinguish between investment and capital, b) Explain the difference between an invention and an innovation. Give an example of each.Which one is true? labor productivity will be higher when the capital stock is larger and the rate of change in labor productivity remains the same as capital stock goes up. labor productivity will be higher when the capital stock is larger and the rate of change in labor productivity increases as capital stock goes up. labor productivity will be lower when the capital stock is larger and the rate of change in labor productivity remains the same as capital stock goes up. labor productivity will be higher when the capital stock per worker is larger but the rate of change in labor productivity will eventually decrease as capital stock per worker goes up.
- Please no written by hand and graph Consider a small world that consists of two different countries, a developed and a developing country. In both countries, assume that the production function takes the following form: Y = F (K, LE) = K¹/4 (LE) 3/4, where Y is output, K is capital stock, L is total employment and E is labour augmenting technology. (a) Does this production function exhibit constant returns to scale in K and L? Explain. (b) Express the above production function in its intensive form (i.e., output per-effective worker y as a function of capital per effective worker k). (c) Solve for the steady-state value of y as a function of saving rate s, population growth rate n, technological progress g, and capital depreciation rate 6. (d) The developed country has a savings rate of 30% and a population growth rate of 2% per year. Meanwhile, the developing country has a savings rate of 15% and population growth rate of 5% a year. Technology evolves at the rate of 8% and 2% in…What is a labor abundant economy? A higher level of capital per worker No labor input in the production system Production that require a high level of capital Production that requires a low level of capitalSuppose a country has a population of 120 people, a working-age population of 100 people, its labor force participation rate is 0.5 (50%), and the quantity of output is 60 units. Suppose that the production function of the economy is given by Y=2N, where Y represents the quantity of output and N represents the number of workers needed to produce the output. I know the answer is 0.4 but I don't understand how to get it. Thank you!