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# econ quiz 4 sg ECON 104

Penn State

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quiz 4
COURSE
Introductory Macroeconomic Analysis and Policy, Goffe
PROF.
Goffe
TYPE
Study Guide
PAGES
1
WORDS
KARMA
50 ?

## Popular in Department

This 1 page Study Guide was uploaded by Evangelos Katradis on Sunday March 13, 2016. The Study Guide belongs to ECON 104 at Pennsylvania State University taught by Goffe in Spring2015. Since its upload, it has received 65 views.

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Date Created: 03/13/16
Econ Quiz 4 Study Guide • Rule of 70= 70/(growth rate) • Role of Capital & Technology in Growth key terms: Y= real GDP (real production or income) L= # of workers in country’s economy Y/L= labor productivity­ how much the average worker produces in a year pop= pop of a country Y/pop= GDP per person (Y/L)= (L/pop) X (Y/L) • Per worker production function: Y/L= y axis K/L= x axis Y/L= A(K/L)^(.3) A= TFP “total factor productivity • TFP measures technology: human capital, better capital & better organized firms Q: In this shop, as capital (panini machines) increases, ceteris paribus, it is most  accurate to say that output (panini sandwiches)................................................c a) increases at an increasing rate b) increases at a constant rate c) increases at a decreasing rate

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