Multiple Choice
Production Function
Real GDP = T (L,K) ,such that Real GDP = T(L + K)
Assume that the technology coefficient is equal to 0.40.
-Refer to Exhibit 17-1.If this production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis,and the technology coefficient rises from 0.40 to 0.50,it would cause a
A) shift upward in the production function to a higher level of Real GDP.
B) shift downward in the production function to a lower level of Real GDP.
C) movement down along the same production function to a lower level of Real GDP.
D) movement up along the same production function to a higher level of Real GDP.
Correct Answer:

Verified
Correct Answer:
Verified
Q9: Real GDP in a small country is
Q10: According to economist Benjamin Friedman,sustained economic growth
Q11: According to Paul Romer,one way to produce
Q12: According to some economists,economic growth can be
Q13: Suppose the population of country XYZ falls
Q15: If the annual growth rate in Real
Q16: The concept that economic growth can do
Q17: Production Function<br>Real GDP = T (L,K),such that
Q18: Suppose the population of country ABC rises
Q19: The term human capital refers to education,training