Question 4 Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation
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A: American economist Robert solow concentrate more on growth theories.
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Q: n the share of capital in the production function. n the technology level.
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Q: Classify each of the following as a movement along or a shift of the production function and provide…
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Q: For an economy described by the production model where labor's share of income is constant and equal…
A: According to product exhaustion theorem, Y = (?f/?L)*L + (?f/?K)*K ……..(i) where, (?f/?L)*L =…
Q: Question 4 Classify each of the following as a movement along or a shift of the production function…
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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
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Q: Classify each of the following as a movement along or a shift of the production function and provide…
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Q: Classify each of the following as a movement along or a shift of the production function and provide…
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- Question 11. Labour intensive technique is chosen in a (a) Labour surplus economy. (b) Capital surplus economy. (c) Developed economy. (d) Developing economy.Which of the following would not affect labor productivity, i.e. more output per unit of labor hour? Select one: a. When interest rates decrease and government spending increase. b. when labor is reallocated from less-efficient industries to more-efficient industries. c. when production is better organized and managed d. technological progress e. the health, training, education, and motivation of workers improve f. the quantity of capital goods available to workersQuestion 1 Case Study: Production Possibility Curve for a Developing Country Introduction This case study explores the concept of the Production Possibility Curve (PPC) in the context of a developing country called Namiland. Namiland is known for its agricultural sector and has limited resources and technology. The country is facing the challenge of allocating its resources efficiently to maximize its production possibilities. Background Namiland has two main industries: Agriculture and Manufacturing. The country has a workforce of 10,000 people and limited capital resources. The government aims to maximize the production of agricultural goods and manufactured products to improve the living standards of its citizens. PPC Analysis The PPC for Namiland showcases the production possibilities between agricultural goods (represented on the y-axis) and manufactured products (represented on the x-axis). The table below presents various production combinations of agricultural goods and…
- Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice. An increase in the number of machines used in production, an increase in the population growth rate, a new technological innovation,the government invests in a new entrepreneurship training program, the government implements major reforms to make it easier to transact businessClassify each of the following as a movement along or a shift of the production function and provide a justification for your choice. 1. The government invests in a new entrepreneurship training program 2. The government implements major reforms to make it easier to transact businessClassify each of the following as a movement along or a shift of the production function and provide a justification for your choice. (i) An increase in the number of machines used in production (ii) An increase in the population growth rate (iii) A new technological innovation
- macroeconomics multiple choice question 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B’s higher GDP-per-capita?(A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth.(C) Country B has lower productivity.(D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash?(A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic.(B) Supply decreased due to oil workers being furloughed.(C) Demand increased from factories producing Personal Protective Equipment for essential workers.(D) Demand decreased since fewer people were commuting to work.Which of the following statements about the use of resources is NOT one of the key economic problems? Answer A firm's decision to adopt a new technology to increase productivity. Producers respond to changing demands and buying habits of consumers. Firms to ensure an equal distribution of income among society. Firms need to make decision regarding the goods to be produced.The first question shows the type of economy in which each of the following economic activities can be dealt with, with an explanation of the reason: Economic Activity Microeconomics Macroeconomics Study the volume of demand for dairy products in the Kingdom Rising prices of building materials in the economy The state is interested in the tourism sector Increasing employee salaries and establishing schools and universities Consumer protection from monopoly and exploitation of merchants The second question: Make a table showing the comparison between the economic systems in terms of the goal, the mechanism of action, the distribution of output to society, its most important features. The name of the economic system.. System The goal of the economic system How does the economic system work? Distribution of the product to the community Its main features
- Economic Growth – End of Chapter Problem Discuss an example of technological progress not mentioned in the chapter and how it impacted economic growth. a. Henry Ford revolutionized the automobile industry with new production techniques for the Model T. He introduced an assembly line process, replacing the previous process which had required the workers and their equipment to move around the plant to each car that was being built. This technological change made workers much more b. Ford also instituted an 8-hour work day and a minimum wage of $5 per day. This increased workers' and, for the first time, automobiles were affordable for large numbers of people. More customers meant production of the Model T generated , lowering the average cost to produce a car. These productivity gains enabled Ford to lower the price of the Model T from $825 in 1908 to $260 in 1925.For each of the following, identify which inputs into the production function changed(i.e., Physical Capital, Human Capital, or Labor). Also identify whether this phenomenon will increase or decrease economic growth.(a) The government increases federal aid for students to go to college.(b) States embark on a program to increase charging networks for electric cars.(c) A big chunk of the population decides to drop out of the workforce to spend moretime playing video games.Background Imagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy. You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the government wants to pursuit a policy of import substitution industrialization (ISI). You are given a brief about Ghana highlighting the following points: About half of Ghana’s population depends on agriculture, but Ghana still imports some of its food. The majority of Ghana's people live in rural areas and exist on a subsistence way of life. Ghana has one of the highest rates of income inequality in the world. Nearly half of the population is employed in agriculture. Explain import substitution industrialisation and how it can affect Ghana. What role does learning by doing play and when does it make sense for the government to interfere?