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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. How could research and development (R&D) lead to increases in productivity?

▸ New technology allows for production of the same output with more inputs.

▸ New natural resources are discovered.

▸ New technology usually allows for production of the same output at lower cost.

▸ Workers are better educated.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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