econ quiz 4 sg
Popular in Introductory Macroeconomic Analysis and Policy, Goffe
verified elite notetaker
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.
Reviews for econ quiz 4 sg
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
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
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'