2. If we assume a Cobb-Douglas production function where the share of labour is and the share of capital is, then the marginal product of capital is: 5 8 A) Y/8K B) 8K/5Y C) 5Y/8K D) 3K/8Y E) 3Y/8K 3. In the neoclassical growth model, steady state occurs when: A) population growth is constant. B) the growth rate in per capita capital is zero. C) the growth rate in total output is zero. D) technological progress is zero. E) savings per person equals capital per person

2. If we assume a Cobb-Douglas production function where the share of labour is and the share of capital is, then the marginal product of capital is: 5 8 A) Y/8K B) 8K/5Y C) 5Y/8K D) 3K/8Y E) 3Y/8K 3. In the neoclassical growth model, steady state occurs when: A) population growth is constant. B) the growth rate in per capita capital is zero. C) the growth rate in total output is zero. D) technological progress is zero. E) savings per person equals capital per person

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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