Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
An increase of one worker will increase real GDP by A) $8.
B) $50,000.
C) $720,000.
D) $6,000,000.
B
Economics
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John deposits $800 at an annual interest rate of 6%. The total amount in John's account after one year will be:
A) $822. B) $848. C) $864. D) $950.
Economics
Which of the following is true?
A) Buyers always prefer lower prices to higher prices. B) Buyers never prefer lower prices to higher prices. C) Buyers rarely prefer lower prices to higher prices. D) Buyers prefer lower prices to higher prices, ceteris paribus.
Economics