Exam 4: A Model of Production

In the United States,the average number of years of education for adults over the age of 25 is 16 years.

Consider two countries,labeled 1 and 2.If each has the production function ,i = 1,2,the only difference between the two countries is that )

Which of the following production functions exhibits constant returns to scale?

In the Cobb-Douglas production function ,defining y = Y/L as output per person and k = K/L as capital per person,the per person production function is:

A production function exhibits constant returns to scale if,

Suppose the total factor productivity in Switzerland,Italy,South Africa,and India are 0.72,0.69,0.44,and 0.23,respectively.If the U.S.total factor productivity is 1.00,then the United States is __________ productive,respectively,than these four countries.

-Consider the three production functions in Figure 4.5.Each represents a different country.For any given per capita stock of physical capital,Country __________ has the highest total factor productivity.

The equation Has two important implications:

The two main inputs we consider in a simple production function are:

In the Cobb-Douglas production ,what do the a < 1 and b = 1 - a reflect? Show how you can derive your answer.

Which of the following explain differences in total factor productivity?

In the Cobb-Douglas production function ,the Represents:

If the production function is given by And ,K = 27,and L = 8,total output equals:

A firm's profit is simply defined as:

The marginal product of labor curve represents the labor supply curve.

If you have data on per capita GDP and capital per worker,to find total factor productivity you can use the equation 1/3,if capital's share of GDP is twothirds.

The marginal product of labor curve represents:

The solution to the firm's profit maximization is:

One explanation of differences in total factor productivity is differences in labor's share of GDP.

A production function of the form exhibits constant returns to scale.