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- A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?My courses / ECON202-20202 / My Assessments / MIDTERM EXAM If the US has an average growth rate is 2.1% and South Korea has an average growth rate of 5.%, then South Korea is experiencing of O a. a slower economic growth than the US. b. no economic growth. estion O c. the same economic qrowth as the US. O d. a faster economic growth than the US. Next page A Chapter 6 In Class Practice Jump to... eu are logged in as ABDULRAHMAN ALSAEEM (Log out) Copyright © 2020 All Rights Reserved. MacBook Pro @ 2# % & 2 3 4 5 7 8 A E R T Y ض ق そ A S » G H. J K V B i く 6. つ つ > *3
- Which impacts economic growth? O a decrease in the productivity of labor O an increase in the proportion of the population that is college educated O an increase in the average wage rate paid to workers O an increase in the standard of livingThe following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries were able to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?A country faces diminishing marginal returns when increasing it's capital stock. If this country added 100 units of capital last year and saw their GDP rise by $1,000 per person, what would you expect to happen if they had added 200 units of capital instead? O It is impossible to tell what would happen GDP would increase by less than another $1,000 per person GDP would increase by another $1,000 per person GDP would increase by more than another $1,000 per person
- Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)estion 30 A country with neither population growth nor technological progress is nitaly in the golden-rule steady state. Carefuly ilustrate this situation using a graph with output per worker, investment per worker, and depreciation per worker on the vertical axis and capital per worker on the horizontal axis. Now suppose climate change increases the depreciation rate. If the country adjusts its saving rate to reach the new golden- rule steady state, is it possible to determine how output per worker and consumption per worker in the new steady state compare to their levels in the initial steady state? Explain.Suppose that there are diminishing returns to capital. Suppose also that two countries are the same except one has more physical capital per worker and so it has more real GDP per worker than the other. Finally, suppose that the saving rate in both countries increases from 5 percent to 7 percent. In the long run we would expect that a. the growth rate will not change in either country. b. the country that started with less physical capital per worker will grow faster. c. the country that started with more physical capital per worker will grow faster. d. both countries will grow and at the same rate.
- The following figure shows that the average growth rate of real per capita GDP is negatively related to the initial level of real per-capita GDP. Average real per capita growth (5) 4.50 4.00 3.50 3.00 2.50 ||US -2.11 1.50 1.00 0.50 0.00 PHI O Dein HA 02.000 6,000 10,000 14,000 Real income per capita, 1950 Per capita growth 1950-2007 for 22 OECD countries What can we conclude from the above Figure? Because of the diminishing returns to capital accumulation, we should see tendencies for unconditional convergence between poor and rich countries. Divergence between countries is expected if we make conditions on key variables such as population growth rates and savings rates. If countries have similar features such as population growth rates and saving rates, then conditional convergence may occur The OECD countries are homogeneous Richer is the country, faster is its growth ratea. Some data at first might seem puzzling: The share of GDP devoted to investment was similar for Country liberty and Country Techno from 1970 - 2001. However, during these same years Country Techno had a 6 percent growth rate of average annual income per person, while Country liberty had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different? b. Covid 19 pandemic has force the people in the economy Love & Laughter, to consume only 2 goods, food and clothing. The CPI is derived from the market basket of goods which consists of 25 units of food and 5 units of clothing. FOOD Clothing 2018 price per unit 2019 price per unit $8 $20 $12 $40 (i). What are the percentage increases in the price of food and in the price of clothing? (ii). What is the percentage increase in the CPI? (iii). Do these price changes affect all consumers to the same extent? Explain.QUESTION 10 Consider the scenario given in the table below for two economies, Economy X andEconomy Z. Note that the two economies are identical in every aspect except for their level of productivity (A). A Ko No In ak S Economy X Economy Z 20 15 10 1 0.15 0.3 0.1 10 1 0.15 0.3 0.1 The GDP of economy X in period 10 (i.e., Y10) is equal to (Round your answers to 1 decimal point.)