A Small Country's Aggregate Production Function Per Hour of Labor

question 140

Multiple Choice

A small country's aggregate production function per hour of labor given by Y = K^1/2.Its depreciation rate is 1% and its investment rate is 10%.What is its steady-state level of output?

• A) 1
• B) 10
• C) 100
• D) 1,000

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Definitions:

Working Memory

The part of short-term memory that is concerned with immediate conscious perceptual and linguistic processing.

Monitor

A device or individual that observes, checks, and keeps a continuous record of a process or situation.

Sensory Memory

The shortest-term element of memory, it allows the ability to retain impressions of sensory information after the original stimuli have ended.

Limited-Capacity

The concept that there is an upper limit on the amount of information or number of tasks that an individual can process or perform at one time.