Question
In 1971's The Entropy Law and the Economic Process, Nicholas Georgescu-Roegen criticized attempts to insert these factors into production functions as being not only economically inaccurate but in fact violating the laws of thermodynamics. For 10 points each:
[10e] What two-word term refers to the economic sense of non-man-made inputs such as minerals, air, and water?
ANSWER: natural resources
[10m] A modified Cobb-Douglas production function appears in the widely used model of exogenous growth named for this economist and Trevor Swan.
ANSWER: Robert Solow
[10h] The exponents alpha in the Solow model's production function represent this quantity, which is what portion of aggregate income goes to the holders of a namesake factor of production. This value ends up being about 33 percent for the U.S. regardless of what production function is used.
ANSWER: capital share parameter
<Matt Weiner , Social Science - Economics>
Summary
| 2023 NASAT | 06/17/2023 | Y | 9 | 10.00 | 67% | 33% | 0% |
Data
| Missouri A | Asia B | 10 | 10 | 0 | 20 |
| California | Ohio | 0 | 10 | 0 | 10 |
| Illinois Orange | Pennsylvania | 10 | 0 | 0 | 10 |
| Illinois White | Kentucky B | 10 | 0 | 0 | 10 |
| Virginia | Liberia | 10 | 0 | 0 | 10 |
| Arkansas | Maryland Red | 0 | 0 | 0 | 0 |
| Missouri B | Asia A | 10 | 0 | 0 | 10 |
| New Jersey A | Maryland Gold | 0 | 0 | 0 | 0 |
| Illinois Blue | New Jersey B | 10 | 10 | 0 | 20 |