Answered: What’s the formal name for the A_bar…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section17.1: Economic Growth Around The World

Problem 1QQ

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What’s the formal name for the A_bar parameter in the production model we study?

A. Average GDP
B. Total factor productivity
C. Per capita GDP
D. Per capita capital

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What does the A_bar parameter in our model allow us to do?

It allows us to explain the difference in GDP not explained by differences in capital and labor
B. It allows us to easily compute real GDP from nominal GDP, without specifying a base year
C. Both A and B
D. Neither A nor B

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