Multiple Choice
Assume a production function with constant returns to scale.Labor's share of income is 4/5 and capital's share is 1/5.If labor grows at 3%, capital at 2%, and the rate of technological advance is 1.2%, roughly how many years would it take to double the current level of output?
A) 12
B) 18
C) 23
D) 35
E) 48
Correct Answer:
Verified
Correct Answer:
Verified
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