If the Per-Worker Production Function Shifts Up

question 62

Multiple Choice

If the per-worker production function shifts up,

• A)it now takes more capital per hour worked to get the same amount of real GDP per hour worked.
• B)an economy can increase its real GDP per hour worked without changing the level of capital per hour worked.
• C)the per-worker production function becomes flatter.
• D)negative technological change has occurred in the economy.
• E)future production will require more resources than in the past.

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Definitions:

Top-Down Analysis

An approach that starts with the broader, general aspects of a system and works towards more detailed parts.

Customer Demographics

Statistical characteristics of consumers, such as age, gender, income, and education, used to identify market segments.

TAM, SAM, SOM

stands for Total Addressable Market, Serviceable Available Market, and Service Obtainable Market, respectively, and they are metrics used to estimate the potential market size and revenue opportunity for a product or service.

Disposable Income

The amount of income left to an individual after taxes have been paid, available for spending, saving or investing.