Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 23, 2024

A poor country has a production function: Y = K L The GDP of this country is 72 billion and the labor force is 50

A poor country has a production function:Y=KL The GDP of this country is 72 billion and the labor force is 50 million. What is the workers' wage rate in the country?

A) 55

B) 39,000

C) 720

D) 3600

E) None of the above or cannot be determined from the information given

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research Design Qualitative Quantitative And Mixed Methods Approaches

Authors: John W. Creswell, J. David Creswell

5th Edition

1506386709, 9781506386706

Students also viewed these Economics questions

Question

★★★★★

What evidence might the auditor gather to evaluate whether or not a company has made a commitment to appropriate levels of financial competencies? For example, Milicron, Inc. indicated it had a...

Answered: 1 week ago

Question

★★★★★

(Calculating the weighted average cost of capital) (Related to Checkpoint 14.1 on page 483) H&H Distributors have a capital structure consisting of 45 percent ordinary equity, 25 percent debt, and 30...

Answered: 1 week ago

Question

★★★★★

=+28. Summer jobs. Many college and university students obtain summer jobs. In order to study their earnings, samples of students in three undergraduate programs were asked to report what they earned...

Answered: 1 week ago

Question

★★★★★

Jay Mills started a business by issuing a $60,000 face value note to State National Bank on January 1, 2013. The note had a 6 percent annual rate of interest and a 10-year term. Payments of $8,152...

Answered: 1 week ago

Question

★★★★★

correct Intermedlat 12 Test Question 4 (or 12) 10.00 points 12-7 Trading securtes, securties available-for-sale and dividends /L012-2, L012-3 ner Company owns 10% $5 milion cash dvidend on ns common...

Answered: 1 week ago

Question

★★★★★

Child Protection Policy NATIONAL QUALITY STANDARD (NQS) QUALITY AREA 2: CHILDREN'S HEALTH AND SAFETY 2.2 Safety Each child is respected. 2.2.1 Supervision At all times, reasonable precautions and...

Answered: 1 week ago

Question

★★★★★

Claims from a portfolio are believed to have a Pareto (a,A) distribution. In Year 0, a=6 and 2=1,000. An excess of loss reinsurance arrangement is in force, with a retention limit of 500. Inflation...

Answered: 1 week ago

Question

★★★★★

Part B: Three masses, x, y, and z, are to rotate in the same plane at the same angular velocity. Their masses and radii from the centre of rotation are: 9 kg at 400 mm radius, 10 kg at 350mm, and at...

Answered: 1 week ago

Question

★★★★★

Submit a case analysis a Public Sector Human Resource Management Issue. On hiring process challenges include the following: History and background of the Public Service Human Resource Management...

Answered: 1 week ago

Question

★★★★★

Write an asset acquisition request The first part of the request is a short financial report on the caf's assets. Summarise the assets' worth and condition You are then required to develop a plan for...

Answered: 1 week ago

Question

★★★★★

An information-technology based company wants to forecast the units of computer required for next month. So, it summoned a weekly committee to estimate the orders for the previous twelve months and...

Answered: 1 week ago

Question

★★★★★

I need you to help expand my essay based on this information (also put it into essay form): The goal-setting theory of motivation, developed by Locke and Latham, emphasizes the importance of setting...

Answered: 1 week ago

Question

★★★★★

2. Imagine a real event that was problematic in your past. What images, sounds, emotions, smells and tastes appear? Try to imagine a movie clip of this inci-dent, as it could unfold if the...

Answered: 1 week ago

Question

★★★★★

5. How can I help others in the network achieve their goals?

Answered: 1 week ago

Question

★★★★★

6. Bring to mind a situation where you had a strong sense of satisfaction with what you did. Immerse yourself in the situation. i. How do you feel? ii. What do you hear? iii. What do you see?

Answered: 1 week ago

Previous Question Next Question