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Why do Urban populations are capital accumulating whereas rural populations are capital consuming?
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- True or false? Consider two economies that spend different shares of their gross domestic product to R&D activities. Is it true that the economy with a larger share of R&D spending grows faster in the long-run?Why does the value of output always equal the income received by resources that produced the output?Why is it that an agricultural economy like India is rich but the average Indian is poor? Answer briefly using the Law of Diminishing Returns.
- What is the opportunity cost of investing in a physical capital?In economics, which of the following is not considered capital? O Equipment O Stocks and bonds O Offices and warehouscs O MachineryThe source mentions a fourth factor of production: entrepreneurship. In what sense could it be viewed as a production factor
- Why is R&D a key factor in productivity improvement? Name some ways R&D contributes to productivity improvements.Economic theory suggests that we can increase productivity byWrite the production function in its simplest form (human capital being included in TFP) and explain the nature of each factor of production.
- Entrepreneurship is unique among factors of production because itConsider 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. Human Capital Examples A route fishing boats can follow to maximize their catch at different points in the day The boats in the fishing fleet The fertile waters in which the fish feed and breed The skills workers develop through training before working on and piloting boats Natural Resource Physical Capital Technological Knowledge