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For each scenario given, identify which input into the economic growth production function changes. Labor Human Capital Capital Accumulation

For each scenario given, identify which input into the economic growth production function changes. Labor Human Capital Capital Accumulation

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 9P
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**Answer Bank** a. The government passes a new program that encourages more employers to provide on-the-job training. b. Improvements to health care cause an increasing share of older people to work instead of retiring. c. The federal government increases annual spending on national infrastructure. d. A large baby boom occurred two decades ago. There are no graphs or diagrams in the image.
Transcribed Image Text:**Answer Bank** a. The government passes a new program that encourages more employers to provide on-the-job training. b. Improvements to health care cause an increasing share of older people to work instead of retiring. c. The federal government increases annual spending on national infrastructure. d. A large baby boom occurred two decades ago. There are no graphs or diagrams in the image.
**Instruction:** For each scenario given, identify which input into the economic growth production function changes. **Categories:** 1. **Labor** - Description: This section focuses on changes in the workforce size, labor force participation, or labor productivity. 2. **Human Capital** - Description: This section addresses changes in education, skills, training, and the overall quality of the workforce. 3. **Capital Accumulation** - Description: This section pertains to changes or increases in physical capital, such as machinery, buildings, and infrastructure that contribute to economic growth. **Diagram Explanation:** The image shows three empty boxes titled "Labor," "Human Capital," and "Capital Accumulation." Each box is intended to categorize scenarios based on their impact on different inputs in the economic growth production function. The purpose is to analyze and determine which aspect of economic input is affected or changes in given scenarios.
Transcribed Image Text:**Instruction:** For each scenario given, identify which input into the economic growth production function changes. **Categories:** 1. **Labor** - Description: This section focuses on changes in the workforce size, labor force participation, or labor productivity. 2. **Human Capital** - Description: This section addresses changes in education, skills, training, and the overall quality of the workforce. 3. **Capital Accumulation** - Description: This section pertains to changes or increases in physical capital, such as machinery, buildings, and infrastructure that contribute to economic growth. **Diagram Explanation:** The image shows three empty boxes titled "Labor," "Human Capital," and "Capital Accumulation." Each box is intended to categorize scenarios based on their impact on different inputs in the economic growth production function. The purpose is to analyze and determine which aspect of economic input is affected or changes in given scenarios.
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