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lotusflwr lotusflwr
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A year ago
Scenario: Tree Country has a population of 18,000 people, of whom two-thirds are part of the workforce. The country's only asset is wood, where K = 18,000. The country only produces wooden furniture. In the figure below, Y stands for GDP, and H equals efficiency units of labor.




 Refer to the scenario above. Again, assume Tree Country's economy has constant returns to scale. All inputs and human capital double, but technology remains the same. Which of the following would double?

▸ Output but not productivity

▸ Both output and productivity

▸ Productivity but not output

▸ Neither productivity nor output
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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raouldukraoulduk
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A year ago
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lotusflwr Author
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A year ago
Thanks
Danivalda
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
kamikazekota
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2 hours ago
Smart ... Thanks!
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