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Suppose production in an economy is represented by a Cobb-Douglas production function. If each worker in the economy becomes more productive, while the number of
Suppose production in an economy is represented by a Cobb-Douglas production function. If each worker in the economy becomes more productive, while the number of workers in the economy, the physical capital stock, and the state of technology remain unchanged, ________. the GDP of the economy will increase the inflation rate in the economy will decrease the income per capita in the economy will decrease the exchange value of its currency will increase in the foreign exchange market
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