2. The determinants of productivitySuppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods andservices a worker can produce per hour-is measured by the number of garments one weaver makes per hour.In the following table, select the appropriate productivity determinant that represents each example.Natural ResourcesHuman Capitalper Workerper WorkerExamplesThe grasslands supporting the sheep whosewool is used for weavingA special technique that workers can use tocreate stronger textilesThe accumulated weaving experience of theworkforceThe looms used to weave the textilesOOOPhysical Capitalper WorkerOOTechnologicalKnowledgeOO

This can be described as a form of market in which no single producer or consumer has the power to…

2. The determinants of productivity Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and services a worker can produce per hour is measured by the number of garments one weaver makes per hour. In the following table, select the appropriate productivity determinant that represents each example. Human Capital per Worker Natural Resources per Worker Examples The grasslands supporting the sheep whose wool is used for weaving A special technique that workers can use to create stronger textiles The accumulated weaving experience of the workforce O O O O O O Physical Capital per Worker O O O Technological Knowledge O O O

2. The determinants of productivity Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and services a worker can produce per hour is measured by the number of garments one weaver makes per hour. In the following table, select the appropriate productivity determinant that represents each example. Human Capital per Worker Natural Resources per Worker Examples The grasslands supporting the sheep whose wool is used for weaving A special technique that workers can use to create stronger textiles The accumulated weaving experience of the workforce O O O O O O Physical Capital per Worker O O O Technological Knowledge O O O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose there is a simple hypothetical economy in which the only industry is weaving. In the weaving field, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of garments one weaver makes per hour. In the following table, select the appropriate productivity determinant that represents each example. Human Capital per Worker Natural Resources per Worker Examples A special technique that workers can use to create stronger textiles The looms used to weave the textiles The accumulated weaving experience of the workforce The grasslands supporting the sheep whose wool is used for weaving O Physical Capital per Worker O Technological Knowledge O O
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