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Scenario: Red Country and Purple Country have identical aggregate production functions. The amount ...

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Scenario: Red Country and Purple Country have identical aggregate production functions. The amount ...

Scenario: Red Country and Purple Country have identical aggregate production functions. The amount of physical capital stock available to each country is equal. Labor supply in Red Country is HR, while the labor supply in Purple Country is HP.

Refer to the scenario above. As inventors in Purple Country develop and implement new software that helps all citizens complete their work faster, total output in Purple Country will ________.

▸ remain the same if physical capital stock is held constant

▸ increase slower than in Red Country

▸ move closer or even surpass HR

▸ increase, because inputs can be used more efficiently

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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