Refer to Figure 11 2 Based on the per worker production function above if the

Refer to figure 11 2 based on the per worker

This preview shows page 3 - 5 out of 5 pages.

68)Refer to Figure 11-2.Based on the per-worker production function above, if the economy raisescapital per hour worked from $35,000 to $40,000, by how much will real GDP per hour workedincrease? A) $150B) $1,850C) $2,000D) $5,000Answer: A68)Page Ref: 741-742/359-360Learning Outcome: Macro-4: Explain the sources of productivity growth. 69)Refer to Figure 11-2.Assuming no technological change, if the United States increases capital perhour worked by $40,000 every year between 2012 and 2016, we would expect to see 2016.69)Page Ref: 741-742/359-360Learning Outcome: Macro-4: Explain the sources of productivity growth. 70) According to new growth theory, 70)Page Ref: 742/360Learning Outcome: Macro- 17: Discuss the fundamentals of key macroeconomic theories. 15
71) Paul Romer, an economist at Stanford University, is most closely associated with what economictheory? 71)Page Ref: 742/360Learning Outcome: Macro-17: Discuss the fundamentals of key macroeconomic theories. 72) According to new growth theory, A) knowledge capital is excludable.B) knowledge capital is rival and excludable.C) knowledge capital is subject to increasing returns.D) physical capital is nonexcludable.Answer: C72)Page Ref: 742/360Learning Outcome: Macro- 17: Discuss the fundamentals of key macroeconomic theories.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture