Consider the production function Y = z * K^1/3 * N^1/3 * L^1/3 where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. Question text If we double the technology factor, z, then output will double. Question 17Select one: True False Question text If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Question 18Select one: True False Question text We would need to increase capital input by a factor of 8 to double output. Question 19Select one: True False Question text Increasing technology will increase labour productivity. Question 20Select one: True False
Consider the production function Y = z * K^1/3 * N^1/3 * L^1/3 where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. Question text If we double the technology factor, z, then output will double. Question 17Select one: True False Question text If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Question 18Select one: True False Question text We would need to increase capital input by a factor of 8 to double output. Question 19Select one: True False Question text Increasing technology will increase labour productivity. Question 20Select one: True False
Chapter17: Economic Growth: Resources, Technology, Ideas And Institutions
Section: Chapter Questions
Problem 6WNG
Related questions
Question
Consider the production function Y = z * K^1/3 * N^1/3 * L^1/3
where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land.
Question text
If we double the technology factor, z, then output will double.
Question 17Select one:
True
False
Question text
If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase.
Question 18Select one:
True
False
Question text
We would need to increase capital input by a factor of 8 to double output.
Question 19Select one:
True
False
Question text
Increasing technology will increase labour productivity.
Question 20Select one:
True
False
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