**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.

Economic growth: Economic growth is represented by an increase in the production of goods and…

Answered: For each scenario given, identify which…

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

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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