Question
MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy in which each worker has one machine and one unit of natural
MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy in which each worker has one machine and one unit of natural resources. Assume these inputs are fixed, and so is the worker's human capital. But there has been an improvement in technology. We can surely conclude that productivity has increased if:
a. the amount of goods and services produced from each hour of the worker's time increases.
b. the amount of goods and services produced by the worker increases relative to a worker in another country.
c. if the amount of goods and services produced by the worker in a given year increases.
d. all of the above.
e. none of the above.
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