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Questions and Answers
Which two variables traditionally determine the level and growth of output?
Which two variables traditionally determine the level and growth of output?
- Education and labor
- Land and labor
- Capital and labor (correct)
- Capital and land
What is the formula for the education index?
What is the formula for the education index?
- (Expected years - Mean years) * 2
- (Expected years + Mean years) / 2 (correct)
- (Expected years / Mean years) * 2
- (Expected years * Mean years) / 2
What is the large residual factor that was unexplained by the traditional variables?
What is the large residual factor that was unexplained by the traditional variables?
- Labor and capital
- Education index
- Total factor productivity (TFP) or multifactor productivity (correct)
- Single factor productivity
What are the four factors of production (economic resources)?
What are the four factors of production (economic resources)?
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What does the regression model explain?
What does the regression model explain?
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