The figure above shows a country's production possibility frontier (PPFA).ВPPFAPPFBThe country's PPF shifts from PPFA to PPFB, and moves from Point 'A' to Point 'B'. Which eventcould explain this move?O The country acquired new technology in its major industries.O The country is recovering from a recession.The country decreases its capital-to-labor ratio.O The country utilizes its excess labor.Match each letter to the input it represents.Choose ]Human capitalLaborNatural capitalLAnimalsNatural resources and laborLabor and landLand and natural resourcesHPhysical CapitalEntrepreneurship/ AutomationKChoose ]AChoose ]Use the lecture video and slides to fill in the blanks.The catch-up effect is why poor countries growfaster than rich ones. This is because developing countriesto make their inputsmore productive; whereas developed countries mustto increase growth.

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The figure above shows a country's production possibility frontier (PPFA). B A PPFA PPF The country's PPF shifts from PPFA to PPFB, and moves from Point 'A' to Point 'B'. Which event could explain this move? The country acquired new technology in its major industries. The country is recovering from a recession. The country decreases its capital-to-labor ratio. The country utilizes its excess labor.

The figure above shows a country's production possibility frontier (PPFA). B A PPFA PPF The country's PPF shifts from PPFA to PPFB, and moves from Point 'A' to Point 'B'. Which event could explain this move? The country acquired new technology in its major industries. The country is recovering from a recession. The country decreases its capital-to-labor ratio. The country utilizes its excess labor.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Determine if the following statement is normative or positive: The government expenditure towards infrastructure, research and development and skills and jobs-training programs increases future productivity resulting in rising future output (i.e. GDP).
[The following scenario applies to the next two questions.] An economy has a Cobb-Douglas production function: Y = AK L(1-a). A is the technology level, K is capital; L is labor; and Y is income. ● In 20X1, the technology level A is 139, capital K = 245, labor L = 458, income Y = 8,155 In 20X2, the technology level A is 144.96, capital K = 259.26, labor L = 474.12, income Y = 8,945.71 In 20X3, the technology level A is 152.02, capital K = 273.31, labor L = 489.20 Question 1.6: Elasticity of income with respect to labor What is the elasticity of income with respect to labor? A. 18% B. 20% C. 22% D. 24% E. 26% Question 1.7: Income What is income in 20X3? A. 9,240.34 B. 9,535.25 C. 9,830.15 D. 10,125.06 E. 10,419.96
Consider two competitive economies that have the same quantities of labor (L = 400) and capital (K = 400), and the same technology (A = 100). The economies of the countries are described by the following Cobb–Douglas production functions: North Economy: Y = A L.3K.7 South Economy: Y = A L.7K.3 In which economy is the real wage larger? Explain.
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Define and describe the production possibilities frontier model.
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The slope of the production possibilities frontier is called
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Which of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the above
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