1. Consider an economy characterized by the production function = AK _ where the productivity parameter is equal to 1.2. How many units of output can be produced with 25 units capital and 64 workers? a) 10 b) 1600 c) 24 d) 48 2. Consider an economy characterized by the production function y = AkzZz where the productivity parameter is equal to 1.2. How many units of output can be produced with 25 units of capital and 64 workers? a) 10 b) 48 c) 1,600 d) 24 3. Output per person is higher when a) a country is more efficient in adopting a technology. b) a country has a higher capital-to-population ratio. c) a country has stronger property rights and contract enforcement. d) All of these choices are correct. 4. Which of the following is included in TFP? a) The amount of labor b) The amount of capital c) The quality of labor d) All of these choices are correct