Multiple Choice
Use the Cobb-Douglas production function to answer this question. Suppose that the efficiency of the labor force is raised to the power 1/2. If nothing else changes and if the efficiency of the labor force grows at 4% per year, then output per worker
A) will grow at 8% per year.
B) will grow at 2% per year.
C) will remain unchanged.
D) will grow at 3.5% per year.
Correct Answer:
Verified
Correct Answer:
Verified
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