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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. A labor strike will disproportionally affect output in ________.

▸ the country that uses worse technology

▸ the country that produces more output initially

▸ Farm Country, if it uses less capital in the production of the same amount of good X as Industry Country

▸ Industry Country, if both countries face the same aggregate production function

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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