Consider an economy in which each worker has two machines and three units of natural resources. Assume
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Consider an economy in which each worker has two machines and three units of natural resources. Assume these inputs are fixed, and so is the worker’s human capital, but there was an improvement in technology. We can surely conclude that productivity has increased if:
a. if the amount of goods and services produced by the worker in a given year increases.
b. the amount of goods and services produced from each minute of the worker’s time increases.
c. the amount of goods and services produced by the worker increases relative to a worker in another country.
d. all of the above.
e. none of the above.
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