Suppose That the Production Function for the Economy Is Y

question 44

Multiple Choice

Suppose that the production function for the economy is Y = AK¹/⁴ᴸ³/⁴.Assume that real GDP is $8000 billion,capital stock is $32 000 billion,and the labour supply is 120 million (or 0.120 billion) workers.Total factor productivity for this economy is

• A) 16.50
• B) 1016.52
• C) 2083.33
• D) 2933.65

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Definitions:

Minority-Owned Businesses

Businesses that are at least 51% owned, operated, and controlled on a daily basis by one or more (in combination) minority group members.

Big Businesses

Refers to large corporations or enterprises that have a significant impact on the economy through their operations, market influence, and financial power.

Service Innovation

The introduction of new or improved services to meet customer needs more effectively, often involving new technologies or business models.

Hispanic-Owned Businesses

Firms where the ownership is majorly held by individuals of Hispanic descent, often tracked for demographic and economic analysis.