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choco1433 choco1433
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A year ago
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. The aggregate production functions will shift upward when ________ produce(s) a higher output.

▸ a higher amount of capital and labor

▸ the same amount of capital and labor

▸ the same amount of capital and a higher amount of labor

▸ the same amount of labor and a higher amount of capital
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
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otis24otis24
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A year ago
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