What does the nation's infrastructure refer to?

A. The ability to realize economies of scale

B. Public capital goods such as highways and sanitation system

C. The productivity of its labor force

D. It stack of technological knowledge

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Yusra AneesLv10

30 Dec 2020

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Article by Brandon Fuller.

A nation's GDP is determined by its labor force, its capital stock, and its technological knowledge. An increase in the amount of capital per worker increases a nation's GDP. An improvement in technology allows a nation to get more GDP out of its existing capital stock. Technology refers to the way an economy organizes its labor and capital to produce goods and services. If two nations have the same number of workers and capital but one nation uses better technology to get more out of its labor and capital, it will generate more GDP. The nation with better technology has higher productivity - it gets more output per hour of labor input.

A recent Hal Varian commentary in the New York Times focused on the role of technological knowledge in explaining the different productivity experiences of Europe and the United States. Compared to Europe, the United States experienced much stronger growth in output per labor hour over the past decade. Why? The evidence suggests that American firms integrate information technology more quickly than their European counterparts. Follow the link to find out more: Productivity.

ivoryoyster898

This question is from the article below.

By Brandon Fuller.

A nation's GDP is determined by its labor force, its capital stock, and its technological knowledge. An increase in the amount of capital per worker increases a nation's GDP. An improvement in technology allows a nation to get more GDP out of its existing capital stock. Technology refers to the way an economy organizes its labor and capital to produce goods and services. If two nations have the same number of workers and capital but one nation uses better technology to get more out of its labor and capital, it will generate more GDP. The nation with better technology has higher productivity - it gets more output per hour of labor input.

A recent Hal Varian commentary in the New York Times focused on the role of technological knowledge in explaining the different productivity experiences of Europe and the United States. Compared to Europe, the United States experienced much stronger growth in output per labor hour over the past decade. Why? The evidence suggests that American firms integrate information technology more quickly than their European counterparts. Follow the link to findout more: Productivity.

redmouse420

The Economy Tomorrow section below provides estimates of time spent in traffic delays.

The Economy Tomorrow

Rebuilding America
The output of the U.S. economy depends not only on private investment but on public investment as well. The infrastructure of transportation, communications, and environmental systems affects the nation's production possibilities. As we look to the future, we have to wonder whether that infrastructure will satisfy the needs of the economy tomorrow. If it doesn't, it will become increasingly difficult and costly to increase output. Inadequate infrastructure would not only worsen short-term macro outcomes but also impair our ability to compete in world markets.

The Cost of Delay. The failure to expand the infrastructure could prove costly. The U.S. Department of Transportation estimates that people now spend nearly 3.5 billion hours a year in traffic delays. If the nation's highways don't improve, those delays will skyrocket to more than 4 billion hours a year a decade from now. That's a lot of labor resources to leave idle. Moreover, cars stuck on congested highways waste a lot of gasoline - nearly 4 billion gallons a year and spew enormous amounts of carbon dioxide into our atmosphere.

If the average worker produces $110 of output per hour, what is the opportunity cost of

(a) Current traffic delays?

(b) Estimated delays in 10 years?