Question

During the early phases of industrialization, the number of persons engaged in agriculture usually drops sharply,...

During the early phases of industrialization, the number of persons engaged in agriculture usually drops sharply, even as agricultural output is growing. Given what you know about production technology and production functions, can you explain this seeming inconsistency?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Technological change means that the same inputs can be used to produce a greater amount of output. Or put another way, less resources are needed to produce the same amount of output. Technological change is represented by outward shift of the PPF.

Technolgoical change explains why number of persons engaged in agriculture drops sharply along with agricultural output growing. This is because technological change leads to increased Marginal product of labour. Hence, less labour is required to produce the output.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
BridgeRock is a major manufacturer of tires in the U.S.. The company had five manufacturing facilities...
BridgeRock is a major manufacturer of tires in the U.S.. The company had five manufacturing facilities where tires were made and another 20 facilities for various components and materials used in tires. Each manufacturing facility produced 10,000 tires every hour. Quality had always been emphasized at BridgeRock, but lately quality was a bigger issue because of recent fatal accidents involving tires made by other manufacturers due to tread separation. All tire manufacturers were under pressure to ensure problems did not...
What are your top 3 take aways from this article? Technology is no longer just for...
What are your top 3 take aways from this article? Technology is no longer just for geeks. The internet has changed everything, including marketing. Be they small, medium or large, social media grants all companies an equal playing field on which to organically reach new customers. However, success will always ride on the marketing strategy employed. Obviously, larger companies have the advantage of bigger budgets and more resources. But that doesn’t mean social media for small business owners can’t compete...
Assignment: What are the main arguments in the article? Please answer within 5 hours. It is...
Assignment: What are the main arguments in the article? Please answer within 5 hours. It is extremely urgent!!!!!!!!!!!!!!!!!!!!!!!! --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- BIOETHICS. Bioethics as a field is relatively new, emerging only in the late 1960s, though many of the questions it addresses are as old as medicine itself. When Hippocrates wrote his now famous dictum Primum non nocere (First, do no harm), he was grappling with one of the core issues still facing human medicine, namely, the role and duty of the...
What topics are covered in the following article? Please answer within 5 hours. It is extremely...
What topics are covered in the following article? Please answer within 5 hours. It is extremely urgent!!!!!!!!!!!!!!!!!!!!!!!! --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- BIOETHICS. Bioethics as a field is relatively new, emerging only in the late 1960s, though many of the questions it addresses are as old as medicine itself. When Hippocrates wrote his now famous dictum Primum non nocere (First, do no harm), he was grappling with one of the core issues still facing human medicine, namely, the role and duty of the physician....
Ben and Chris combined their love of hockey with a business venture. They purchased a small...
Ben and Chris combined their love of hockey with a business venture. They purchased a small portable cart and began selling hockey memorabilia outside of the hometown hockey arena. Their first year went well, but this past year has been a real struggle. Due to poor economic conditions including a loss of jobs, ticket sales at the arena are down, which has significantly hurt their sales as well. As a recent business school graduate, you explain to Ben and Chris:...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods...
1. Which is the most accurate definition of the study of economics? [1] Distributing surplus goods to those in need. [2] Dealing with affluence in a morally bankrupt world. [3] Using scarce resources to satisfy unlimited human wants. [4] Reducing human wants to eliminate the problem of scarcity. 2. Computer software represents [1] labour. [2] land. [3] capital. [4] entrepreneurship. 3. Suppose you have graduated with a degree in accounting and are offered a job with an accounting firm. But...
I need to answer the questions based on the following article The article is Although the...
I need to answer the questions based on the following article The article is Although the virus has delayed the budget until October, Treasurer Josh Frydenberg will deliver an update on the budget and – more importantly – the economy, within the next fortnight. But last week the secretary to the Treasury dropped some big hints on what to expect. In evidence to the Senate committee inquiring into the response to the virus, Dr Steven Kennedy started with the outlook...
During the trial, lawyers for the accused said that the men believed that the accounting decisions...
During the trial, lawyers for the accused said that the men believed that the accounting decisions they made were appropriate at the time, and that the accounting treatment was approved by Nortel’s auditors from Deloitte & Touche. Judge Marrocco accepted these arguments. Marrocco added he was “not satisfied beyond a reasonable doubt” that the trio (i.e., Dunn, Beatty, and Gollogly) had “deliberately misrepresented” financial results. Given the facts of the case, do you believe Judge Marrocco’s decision was justified? Explain....
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the...
Review the Robatelli's Pizzeria Case Study. Develop another internal controls system, but this time, in the purchases and fixed assets business areas. Prepare a 12- to 16-slide presentation describing the purchases and fixed assets business areas. Be sure to incorporate speaker notes as well as appropriate visuals, graphics, fonts, etc. Include any associated risk in these areas. Describe specific internal controls that include authorization of transactions, segregation of duties, adequate records and documentation, security of assets, and independent checks and...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s wants and needs for goods and services seem to be unlimited. (2 points) 2.) (1 point) Adam Smith’s “invisible hand” refers to a.) the subtle and often hidden methods that businesses use to profit at consumers’ expense. b.) the ability of free markets to reach desirable outcomes, despite the self-interest of market participants. c.) the ability of government regulations to benefit consumers, even if...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT