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Scenario: Two economies, A and B, have identical aggregate production functions with diminishing ...

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Scenario: Two economies, A and B, have identical aggregate production functions with diminishing ...

Scenario: Two economies, A and B, have identical aggregate production functions with diminishing returns. In both economies, capital and labor are equally important for production. Economy A has twice as many efficiency units of labor as economy B. Economy B has twice as much physical capital stock as economy A.

Refer to the scenario above. From the description, it could possibly be inferred that ________.

▸ economy B employs more sophisticated technology in production

▸ economy B has more valuable natural resources

▸ economy A better educates its citizens

▸ both statements B and C are true

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 33 times

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