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Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce ...

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Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce ...

Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce only one good: good X. Production in both countries is a function of total efficiency units of labor and physical capital stock.

Refer to the scenario above. What will likely happen if there is an increase in entrepreneurial activity in Industry Country?

▸ Farm Country will have relatively greater output because its firms face less competition.

▸ Output will remain bigger than in Farm Country.

▸ Income per capita will fall in Industry Country.

▸ Productivity in Industry Country will increase.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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More solutions for this book are available here

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cmartinez034 Author

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Gorgio_De

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