Principles of Macroeconomics Study Set 14
Quiz 9: Productivity and Economic Growth
Diminishing Returns Explain Why Labor and Capital Alone Cannot Account
Diminishing returns explain why labor and capital alone cannot account for the phenomenal growth in productivity during the last 200 years.
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How does the theory of economic growth change when capital is added as a factor of production?
Why is the model with both capital and labor not sufficient to explain growth in productivity?
Using a graphical representation of the production function, show what is meant by diminishing returns to capital.
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