Ture or false or uncertain ( explain why) Thank you! e. Output per c.pdf
0 likes4 views
The document discusses various statements about economic principles, indicating the effects of globalization on output per capita converging towards that of the United States as true, while claiming that capital accumulation significantly affects output as false. It confirms that the aggregate production function relates output to capital and labor while noting that technological progress is dynamic and will continually impact growth. The document concludes that technological growth will not end, contrary to the belief that it will.
1 of 1
Download to read offline
More Related Content
More from ezhilvizhiyan (20)
Recently uploaded (20)
Ture or false or uncertain ( explain why) Thank you! e. Output per c.pdf
- 1. Ture or false or uncertain ( explain why) Thank you! e. Output per capita in most countries in the world is con- verging to the level of output per capita in the United States. f. Capital accumulation does not affect the level of output g. The aggregate production function is a relation among h. Because eventually we will know everything, technologi- in the long run. Only technological progress does. output, labour, and capital. cal progress will end, and growth will eventually end as well. Solution e. True. With the effect of globalization and global trade, countries are getting specialized in goods which have comparative advantage. So, countries are improving efficiency so that they can trade with other nations by gaining competitive advantage. f. False. Both capital accumulation and technological progress have influence on output g. True. The functional form, output = AF(K,L), A is used to denote changes in technology, F is a functional form of capital and labor h. False, changes in technology is a dynamic and variable component in long run and hence growth will not end