1. Which of the following situations will result in a reduction in the capital-labour ratio? Select one: a. Saving per worker equals depreciation per worker. b. Investment per worker exceeds depreciation per worker. c. Investment per worker is less than depreciation per worker. d. Investment per worker equals saving per worker. e. Output per worker exceeds capital per worker. 1. Our model of long-run economic growth suggests that: Select one: a. The Australian growth slowdown since 1950 has been caused largely by low saving in Australia. b. Saving in Australia has exceeded the golden-rule level. c. A higher rate of saving in Australia cannot do much to increase the Australian growth rate over the next two decades. d. All of the above. e. None of the above. 1. Assume that technological progress does not occur. In Japan, the rate of saving has generally been greater than in the US. Given this information, we know that in the long run: Select one: a. Japan's growth rate will be greater than the US growth rate. b. Capital per worker in Japan will be no different than US capital per worker. c. Output per worker in Japan will be greater than US output per worker. d. All of the above. e. None of the above.