Why is a Cobb-Douglas production function useful for analyzing economic growth? OA. The Cobb-Douglas production function provides an efficient way of measuring the correlation of total factor productivity and consumption per worker. O B. The Cobb-Douglas production function provides a good fit to show consumption per worker and how multiple variables affect it. OC. The Cobb-Douglas production function provides a good fit to aggregate data and is also a good analytical tool for growth accounting. O D. The Cobb-Douglas production function provides an efficient method of measuring output per worker in the long run.

Why is a Cobb-Douglas production function useful for analyzing economic growth? OA. The Cobb-Douglas production function provides an efficient way of measuring the correlation of total factor productivity and consumption per worker. O B. The Cobb-Douglas production function provides a good fit to show consumption per worker and how multiple variables affect it. OC. The Cobb-Douglas production function provides a good fit to aggregate data and is also a good analytical tool for growth accounting. O D. The Cobb-Douglas production function provides an efficient method of measuring output per worker in the long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Production possibilities (alternatives) A B Capital goods Consumer goods 4 3 2 of 12 14 15 Refer to the above tabl A total output of 3 units of capital goods and 4 units of consumer goods: Select one: O a. will result in the maximum rate of growth available to this economy. O b. is irrelevant because the economy is capable of producing a larger total output. Oc. is unobtainable in this economy. O d. would involve an inefficient use of the economy's scarce resources.
The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
The table below shows the GDP of a country measured in trillions of dollars. What is the growth rate of the GDP of this country in 1999? Year 1998 1999 2000 2001 Profit $526.42 $527.10 $533.69 $541.70 O a) -0.02% O b) 0.04% O c) 0.08% O d) 0.13% O e) 0.18% O f) 0.25% g) There is not enough information to tell.
What annual growth rate will result in a country roughly doubling its GDP in 10 years? Select one: O a. 5 percent Ob. 12 percent Oc 7 percent Od. 10 percent
The period of time from 1,000,000 B.C. to 1300 A.D. was a period of Select one: O a. rapid and sustained economic growth. Ob. no sustained economic growth. Oc. slow and steady economic growth. O d. moderate economic growth.
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Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114
2. In order to have a higher and inclusive growth, "Capital in its different forms whether (i) public, or (ii) private, or (iii) household savings, or (iv) institutional credit is the key driver of overall growth or agricultural growth". Give arguments in support of and against this.