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-Be able to explain the Kuznets Curve and the relationship between technology and stratification
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- Based on Figure 22, choose the correct statement. Assume that cloth is the labor- intensive commodity and that corn is the capital-intensive commodity. Figure 22. Economic growth in Nation 1. Com (Tons) 80 70 PM PB 1 PB 1 20 M 10 %3D 30 120 250 Cloth (Yards) 1) Output of corn does not decrease as suggested by the Rybczynski theorem. 2) Output of cloth less than doubled as suggested by the Rybczynski theorem. 3) Output of corn more than doubled as suggested by the Rybczynski theorem. 4) Output of cloth more than doubled as suggested by the Rybczynski theorem. 893 Assume a closed economy, perfectly elastic labor supply, and linear technology. Suppose the incremental capital-output ratio (ICOR) is 3, the depreciation rate is 3%, and the gross savings rate is 10%. Use the Harrod-Domar growth equation to determine the rate of growth. What would the gross savings rate have to be to achieve 5% growth? Assuming a perfectly elastic labour supply, state one criticism of this model from an exogenous growth theory viewpoint and another criticism of this model from an endogenous growth theory viewpoint.2) Explain the Global Economic Systems
- Economics Suppose output per worker in the US is four times (4.0) output per worker in China. Suppose capital per worker in the US is twice that of China. You should assume that the share of capital in income is 40 percent for both countries. Total factor productivity (A) for the U.S is. A)Four times higher (4.0) than China B)U.S TFP is beľow China. C)US TFP is twice (2.0) as high. D)U.S TFP is equal to China. EJU.S TFP is 3.2 times higher than China.What actions and policies can be implemented by a policy advisor of national government in order to create a facilitating environment for MNCs and to increase the potential to gain technological knowledge? Why?xercise 5: Production and income distributionConsider and economy with the following production technology: ,Y = 9K1/3L2/3 wherethe aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is1.a) Write down the maximization problem of the firm.b) Compute the equilibrium wage and capital return.c) Compute total payments to labor and capital. Show Euler’s Theorem holds, i.e. showthat total payments to capital and labor equal the value of output.d) What share of output goes to labor and capital?e) Suppose there is an increase in L, what would be impact on wages and capital returns?Explain.
- 716 Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 60% and capital's share of output is 40%. Instructions: Enter numbers rounded to two decimal place in each box. Growth Rate of Labor (8) Growth Rate of Capital (8) Scenario A B C D Growth Rate of Output (8) 3.0 4.2 3.0 4.2 2 3 2 1 2 3 1 4 Implied Growth Rate of Technology (8)3. The following table provides data on output per worker, physical capital per worker, and human capital per worker, all relative to the United States. For each of the three countries listed, calculate factor accumulation and productivity relative to the United States. In which country does factor accumulation play the largest role in explaining income relative to the United States? In which country does productivity play the largest role? Country Output per Worker, y Physical Capital per Human Capital per Worker, k Worker, h Netherlands 0.87 0.81 0.94 Paraguay 0.097 0.094 0.80 Pakistan 0.092 0.067 0.65