Chapter 9: Economic Growth II: Technology, Empirics, and Policy Question: convergence happens when countries converge to ......... O a. Conditional / the same steady state as other economies. Ob. Relative / their individual steady states. O Relative/the same steady state as other economies. O d. Conditional / their own steady states.

Chapter 9: Economic Growth II: Technology, Empirics, and Policy Question: convergence happens when countries converge to ......... O a. Conditional / the same steady state as other economies. Ob. Relative / their individual steady states. O Relative/the same steady state as other economies. O d. Conditional / their own steady states.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To address the problems created by the pandemic, suppose the private sector has been permanently motivated to develop even more innovations regarding production. The Solow growth model then predicts that in the steady state. O a. output per effective worker and growth rate of output per worker will be lower. O b. output per effective worker will be lower, but growth rate of output per worker will be higher. All the other statements are false. O c. O d. both output per effective worker and the growth rate of total output will be higher.
Which of the following options listed below do economists count as determinants of economic growth? Select all that apply. Hint: read through all the options provided. O Techriological improvement. Growth in birth rates O Growth in the number of people "Not in the labour force". Growth in human capital. Growth in the interest rate. Growth in the labour force participation rate. O Growth in government spending. Growth in resource efficiency. Growth in physical capital. O Growth in the number of immigrants entering the country. Minimizing taxes. O Growth in imports.
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Question 1 An economy is represented by the Cobb-Douglas production function, Y = AK L'-0 A. Derive the economy's output growth accounting equation. B. If the share of capital is 0.35, capital grows by 2%, labour grows by 2%, and the growth rate of total factor productivity is 1%, by how much does total output grow? C. Derive the economy's per capita output growth accounting equation. D. Drawing on the information provided in part B and your calculations in part B, what is the rate of growth of per capita output?
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Urgently need
According to the text, European countries' growth rates of real GDP per capita Select one: O a. decreased in the first two decades after 1980 and then increased in the following two decades. O b. decreased during each of the four decades beginning 1980. O c. followed a random pattern during the four decades beginning 1980. O d. remained constant during each of the four decades beginning 1980.
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A more realistic version of convergence is conditional convergence, which tells us that: O a. Different countries will end up with different technologies, population growth rates, etc., but nonetheless have the same steady-state levels of capital per worker and output per worker. b. None of the other choices is correct. All poor countries will eventually catch up to richer countries, albeit very slowly. O d. Because countries have differing characteristics (population growth, saving rate, etc.), they will approach different steady-state levels of output per worker.
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