If real GDP per person is above the subsistence level then, according to classical growth theory,OA. the population will increase.B. the standard of living will continue to improve.OC. the population will decrease.D. more technological advances occur.OE. labor productivity will increase.

The objective of the question is to understand the implications of real GDP per person being above…

Answered: If real GDP per person is above the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you say, "Economic growth is also hampered by a scarcity of land and water, and climate change, which reduces rainfall and raises temperatures" wouldn't they also be constraints and all answers be correct?
Suppose some of the country's capital is suddenly destroyed. If the depreciation rate, savings rate, and production function remain unchanged, then the real growth rate will _____ in the short run and the steady-state level of capital will _____ A.increase, decrease B.decrease, decrease C.increase, stay the same D. decrease, stay the same
Which of the following is the cost of economic growth? a. sacrifice of greater safety b. opportunity costs of workers’ time c. sacrifice of a cleaner environment d. all of the above
Our simple growth model implies that Select one: a.countries with higher K/L ratios will have higher economic growth. b.increases in K/L increase Y/L but at a diminishing rate. c.capital has no impact on Y/L. d.there is little prospect of poor countries catching up with rich countries. In the past few years, several high profile celebrities have campaigned for debt relief for HIPC's (Highly Indebted Poor Countries). While debt relief can potentially play a useful role in poverty reduction there are also some possible downsides such as Select one: a.reducing a poor nations exports. b.increasing government deficits. c.encouraging further debt by setting up an expectation that future debts will also be forgiven. d.under cutting local markets for food and other commodities given as aid.

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If real GDP per person is above the subsistence level then, according to classical growth theory, OA. the population will increase. B. the standard of living will continue to improve. OC. the population will decrease. D. more technological advances occur. OE. labor productivity will increase.