In macroeconomics, the connection from inputs to outputs for the entire economy is called _______________. Question options: a) physical capital b) a production function c) human capital d) an aggregate production function
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Question options:
a) physical capital
b) a production function
c) human capital
d) an aggregate production function
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- By choosing a point along the total physical product curve, physical output is Quantity Outputs y O Output= A f {Land, Labor, Capital, Technology, Entrepreneurship) where A represents the productivity of resources. Quantity Inputs 2.3 2.4 T.The following graph shows a variety of possible production functions (PFs) in an imaginary economy, assuming constant levels of human capital and technology. Because human capital and technology remain unchanged, each of these production functions represents a different level of the capital stock. Fill in the blank: The slope of the line connecting the origin to point C is __________ (options: flatter, steeper) than the slope of the line connecting the origin to point B, because the slope of such a line is equivalent to ___________ (options: productivity, the marginal physical product of labor, marginal cost).The following graph shows a variety of possible production functions (PFs) in an imaginary economy, assuming constant levels of human capital and technology. Because human capital and technology remain unchanged, each of these production functions represents a different level of the capital stock. Fill in the table with the curve that corresponds to each of the capital stock levels described. Levels of Capital Stock This corresponds to which curve? (PF1, PF2, PF3) Highest Middle Lowest Fill in the blank: The slope of the line connecting the origin to point B is __________ (options: flatter, steeper) than the slope of the line connecting the origin to point A, because the slope of such a line is equivalent to ___________ (options: productivity, the marginal physical product of labor, marginal cost).
- True or False A production function in "economics" summarizes the technological relationship between inputs and outputs.The following graph shows a variety of possible production functions (PFs) in an imaginary economy, assuming constant levels of human capital and capital stock. Because human capital and capital stock remain unchanged, each of these production functions represents a different level of the technology. The slope of the line connecting the origin to point A is _______ (options: steeper, flatter) than the slope of the line connecting the origin to point B, because the slope of such a line is equivalent to __________ (options: the marginal physcial product of labor, marginal cost, productivity).10. As an alternative to the story of Robinson Crusoe, macroeconomists use the "aggregate production function," written as Y = AF(L,K,H,N), to link economy-wide output Y to the number of workers L, the stock of physical capital K, the stock of human capital H, the stock of natural resources N, and stock of technological knowledge A. With reference to this aggregate production function, please indicate whether each of the following statements is true or false. (a) The aggregate production function exhibits "constant returns to scale" if doubling the four inputs - workers L, physical capital K, human capital H, and natural resources N – while holding the stock of technological knowledge A fixed leads to a doubling of output. (b) The aggregate production function exhibits "constant returns to scale" if tripling the four inputs - workers L, physical capital K, human capital H, and natural resources N – while holding the stock of technological knowledge A fixed leads to a tripling of…
- Which of the following is an example of capital as a factor of production? Group of answer choices Stocks Bonds money Equipment used by businessesThe determinants of productivity Consider a simple economy whose only industry is fishing. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Examples Human Capital per Worker Natural Resources per Worker Physical Capital per Worker Technological Knowledge The fertile waters in which the fish feed and breed An advanced mapping system that determines the likelihood of finding fish schools in different depths and locations The skills workers develop through training before working on and piloting boats The boats in the fishing fleetThe term capital, as used by economists, refers to a money b the physical space in which production occurs c the time allocated to producing goods and services d financial securities such as stocks and bonds e machinery and equipment that is not used up during the production process
- 14. If output is described by the production function Y = AK0.2L0.8, then the production function has: Select one: A. Constant returns to scale and the share of labor in GDP is 0.2. B. increasing returns to scale and the share of labor in GDP is 0.2. C. Decreasing returns to scale and the share of labor in GDP is 0.8. D. constant returns to scale and the share of labor in GDP is 0.8.Suppose China has a production function of the form: GDP per worker = Tx (physical capital per worker)0.4 x (human capital per worker)0.6 Using this production function, which of the following statements are true? (Select all that apply) Unlike physical and human capital, technology (T) is not directly measured GDP per worker will increase if the labor force grows Output per worker will grow more if human capital increases by 1% than if physical capital increases by 1% None of the aboveUsing the production function Real GDP = T (L, K), define the term production function and describe what each of the variables (T, L, and K) represents. When graphed with Real GDP on the vertical axis and labor on the horizontal axis, which variable(s) can shift the production function and which variable(s) can cause a movement along the production function?
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