Macroeconomics Study Set 48
Quiz 9: Long-Run Economic Growth
Physical capital consists of man-made resources like machines and buildings.
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If technology improves, then it takes more inputs to produce the same output as the last period.
The aggregate production function typically increases at an increasing rate with additions to capital.
Diminishing returns to physical capital means that, as more and more physical capital is added to fixed amounts of human capital with a fixed technology, eventually real GDP per worker declines.
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