Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 20, Problem 17RQ
What is an aggregate production function?
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Why was Land Use Reform a successful policy in several Asian countries in promoting economic
growth?
By making public land available for farming, peasant farmers could rotate crops more easily.
By making all farmland publicly owned, farmers could collectively work to maximize their yields.
O By reallocating farmland for use in manufacturing, industrialization was incentivized.
O By taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive to
improve their yields.
The aggregate production function is y=3KL. If they are 30 units of capital and 40 units of labor, what is aggregate output?
What is labor productivity?
What is capital productivity?
Which is an example of the aggregate production function, Y = F(K, N), that exhibits constant returns to scale?
Y= 2 K N
Y = 3 K N
Y = K/N
Y= 2K + 3 N
Chapter 20 Solutions
Principles of Economics 2e
Ch. 20 - Explain what the Industrial Revolution was and...Ch. 20 - Explain the difference between property rights and...Ch. 20 - Are there other ways in which we can measure...Ch. 20 - Assume there are two countries: South Korea and...Ch. 20 - What do the growth accounting studies conclude are...Ch. 20 - What policies can the government of a free-market...Ch. 20 - List the areas where government policy can help...Ch. 20 - Use an example to explain why, after periods of...Ch. 20 - Would the following events usually lead to capital...Ch. 20 - What are the advantages of backwardness for...
Ch. 20 - Would you expect capital deepening to result in...Ch. 20 - Why dues productivity growth in high-income...Ch. 20 - How did the Industrial Revolution increase the...Ch. 20 - How much should a nation be concerned if its rate...Ch. 20 - How is GDP per capita calculated differently from...Ch. 20 - How do gains in labor productivity lead to gains...Ch. 20 - What is an aggregate production function?Ch. 20 - What is capital deepening?Ch. 20 - What do economists mean when they refer to...Ch. 20 - For a high-income economy like the United States,...Ch. 20 - List some arguments for and against the likelihood...Ch. 20 - Over the past 50 years, many countries have...Ch. 20 - Labor Productivity and Economic Growth outlined...Ch. 20 - Change in labor productivity is one of the most...Ch. 20 - Refer back to the Work It Out about Comparing the...Ch. 20 - Education seems to be important for human capital...Ch. 20 - Describe some of the political and social...Ch. 20 - Why is investing in girls education beneficial for...Ch. 20 - How is the concept of technology, as defined with...Ch. 20 - What sorts of policies can governments implement...Ch. 20 - As technological change makes us more sedentary...Ch. 20 - An economy starts off with a GDP per capita of...Ch. 20 - An economy starts off with a GDP per capital of...Ch. 20 - Say that the average worker in Canada has a...Ch. 20 - Say that the average worker in the U.S. economy is...
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Similar questions
- For a high-income economy like Australia, what aggregate production function elements are most important in bringing about growth in GDP per capita? What about a middleincome country such as India? A low-income country such as Afghanistan?arrow_forwardDepreciation, investment, and output per worker juts Depreciation, ök Ass Output, (k) Investment, (k) Capital per worker (K) The aggregate production function of capital states that output is determined by:arrow_forwardThe aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is capital productivity? Group of answer choices 300 1000 600 150arrow_forward
- Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Total physical product (TPP) reach its maximum?arrow_forwardi need help with this question, i keep getting it wrong. it is a macroneconics question 10. it requires filling in the boxes.arrow_forwardSuppose the economy's production function is to Y=AKN. If K = 2000, N= 100, and A=1. The calculate Y.arrow_forward
- Barcode technology spurred a lot of investment in retailing.How did it alter the retailing production function?What would a similar amount of investment have accomplised without the new technology?arrow_forwardDerive the per-worker production function for this economy if Y=zK2/3N1/3.arrow_forwardWhat is machination of progress?arrow_forward
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