Consider the following diagram, which includes a concave line of best fit:40,000-•US35,000 -30,000 -•BelgiumSwitzerland•UK25,000 -•Japan20,000-• •Taiwan15.000 -10,000 -•Ecuador5,000-aindia0.10.00020,00030,00040,00050,00060,00070,00080,000Figure 15 3 Canital ond GDP ner worker across countries in 199nWhich of the following statements is correct?Select one:O a.The line of best fit suggests that if capital intensity doubles, output per person doubles.O b. The line of best fit implies that there are diminishing returns to scale.O c. The line of best fit suggests that the USA may have a higher value of "z" than Japan.O d. Workers in Japan were more productive than in the UK because they had higher capital per worker.GDP per worker (1985 PPP $)

The correct answer to the question is option B i.e the line represents diminishing returns to scale.…

Consider the following diagram, which includes a concave line of best fit: 40,000- US 35,000 - Belgium Switzerland * 30,000 UK 25,000 Jарan 20,000 . Taiwan 15,000 8 10,000- Ecuador 5,000 india 10,000 20,000 30,000 40,000 50.000 60,000 70,000 80,000 Eiaure 15 3Canital and GDP ner workar acroce.countriac in 190n Which of the following statements is correct? Select one: a. The line of best fit suggests that if capital intensity doubles, output per person doubles. O b. The line of best fit implies that there are diminishing returns to scale. Oc. The line of best fit suggests that the USA may have a higher value of "z" than Japan. O d. Workers in Japan were more productive than in the UK because they had higher capital per worker.

Consider the following diagram, which includes a concave line of best fit: 40,000- US 35,000 - Belgium Switzerland * 30,000 UK 25,000 Jарan 20,000 . Taiwan 15,000 8 10,000- Ecuador 5,000 india 10,000 20,000 30,000 40,000 50.000 60,000 70,000 80,000 Eiaure 15 3Canital and GDP ner workar acroce.countriac in 190n Which of the following statements is correct? Select one: a. The line of best fit suggests that if capital intensity doubles, output per person doubles. O b. The line of best fit implies that there are diminishing returns to scale. Oc. The line of best fit suggests that the USA may have a higher value of "z" than Japan. O d. Workers in Japan were more productive than in the UK because they had higher capital per worker.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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