The aggregate production function of Ritland is Y = A K0.3 H0.7. The total output produced in Ritland in a certain year was worth 135,000.
The technology used in the country improved over the next 10 years while the capital stock and the efficiency units of labor remained approximately the same. Which of the following is likely to be true in this case?
A) The Human Development Index of the country is likely to improve.
B) The gross domestic product of the country is likely to increase.
C) The gross domestic product of the country is likely to decrease.
D) The inflation rate in the country is likely to reduce.
Question 2
Two goods are substitutes if an increase in the price of one good leads to a decrease in demand for the other.
Indicate whether the statement is true or false
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