With Equal Technology Nations Will Have Equal K/L in Production

question 12

Multiple Choice

With equal technology nations will have equal K/L in production if:

• A)factor prices are the same
• B)tastes are the same
• C)production functions are the same
• D)all of the above

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Definitions:

Private Good

A type of good that is both excludable and rivalrous, meaning that non-paying consumers can be prevented from accessing it and its consumption by one individual prevents others from using it.

Utility Function

A mathematical representation in economics that captures the preference orderings of various bundles of goods for an individual or entity.

Private Consumptions

refers to the total amount of goods and services consumed by private households.

Total Amount

The sum of all quantities or values in a given context.