Assume a Production Function with Constant Returns to Scale

question 10

Multiple Choice

Assume a production function with constant returns to scale.Labor's share of income is 0.7 and capital's share is 0.3.If labor grows at 4% and capital grows at 3%, how many years would it take to double the current level of output if no technological advances are made?

• A)7
• B)10
• C)19
• D)23
• E)33

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Definitions:

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