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What is true about the labor share (also referred to as labor’s share of GDP)? Select...

What is true about the labor share (also referred to as labor’s share of GDP)? Select all that apply. 55 (a) The labor share in the Cobb-Douglas production function, Y = A ̄K 1 L 4 (where Y is production, A ̄ is productivity, K is capital, and L is labor) is equal to L. 55 (b) The labor share in the Cobb-Douglas production function, Y = A ̄K 1 L 4 (where Y is production, A ̄ is productivity, K is capital, and L is labor) is equal to the exponent on L. (c) The labor share in the U.S. has been increasing over time. 55 (d) The labor share in the Cobb-Douglas production function, Y = A ̄K 1 L 4 A ̄ is productivity, K is capital, and L is labor) increases if A ̄ increases. (e) The labor share in the U.S. is approximately equal to 23

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