In the long run, the growth rate of output per worker is determined by the: the saving rate only the growth rate of technology and the growth rate of population the growth rate of technology, the growth rate of population and the saving rate
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- How quickly does GDP need to grow in order to provide for population growth?Economics 4. The Solow model says that population growth will not benefit a country in the long run but Michael Kremer disagrees. Explain both positions. Use a graph to explain Solow's argument. 5. The amount of education the typical person receives varies substantially among countries. Suppose you were to compare a country with a highly educated labor force and a country with a less educated labor force. Assume that education affects only the level of the efficiency of labor. Also assume that the countries are otherwise the same: They have the same saving rate, the same depreciation rate, the same population growth rate, and the same rate of technological progress. Both countries are described by the Solow model and are in their steady states. How would the following variables differ between the countries? A. The rate of growth of total income B. The level of income per worker C. The real rental price of capital D. The real wageMacmillan Learning Classify the statements about growth as true or false. If a statement is an opinion, leave it unplaced. True Governments can control growth rates with the appropriate policies. The industrial revolution brought an era of increased growth rates in the United States Convergence will not occur because of technology growth Answer Bank False Growth in productivity is closely correlated with wage growth Human capital is equivalent to the number of years of education Technology and human capital work againat each other Rich countries all grow faster than poor countries. Poor countries all grow faster than rich countries South Korea's growth can be traced to mainly human capital deepening
- Suppose there is an increase in the saving rate. We know that this will cause an increase in which of the following in the steady state? growth rate of output level of output growth rate of capital per worker growth rate of output per effective worker none of the aboveDescribe economic growth and how it is stimulated by education and training, capital accumulation, and technological improvements.The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of people) 224 228 237 Year 1 2 Real GDP (millions of dollars) $5,847 6,666 7,541 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % % Real GDP per Capita (dollars) $26,103 29,237 31,819 % % Population: Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. %
- Hypothetical data is given for the following countries. Calculate real growth per capita in the following countries: Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number, be sure to include a negative sign (-) in front of the number. a. Democratic Republic of Congo: population growth = 2.8 percent; real output growth=-1.6 percent. Real growth per capita: % b. Estonia: population growth-(0.6) percent; real output growth-4.5 percent. Real growth per capita:[ % c. India: population growth=1.7 percent; real output growth = 5.9 percent. Real growth per capita: [ % d. United States: population growth 0.7 percent; real output growth = 2.8 percent. Real growth per capita: [The following table reports real GDP per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real GDP per person in the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, and it was the poorest economy in the table in the year 2010. The real GDP-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.Which of the following statements best describes the relationship between Economic Growth and Literacy Rates ? A. Literacy Rates decline as Economic Growth improves because Education is less useful in a developed economy. B. Increased Literacy initially stimulates Economic Growth by improving Labour Productivity but declines as the Opportunity Cost of Education increases with long-term Economic Growth. C. Increased Literacy stimulates Economic Growth by increasing Labour Productivity; People consume more Education as the Economy continues to grow. D. There is no correlation between Economic Growth and Literacy Rates.
- 1. Economic growth around the world The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during his period. For example, real income per person in Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010. The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies. Economy Canada United Kingdom Korea Hong Kong Guatemala Niger Real Income per Person in 1960 Real Income per Person in 2010 (Dollars) (Dollars) 35,810 12,946 11,884 32,034 1,610 28,702 4,518 44,070 1,985 3,859 945 570 Annual Growth Rate (Percent) 2.06 2.00 5.93 4.66 1.34 -1.01The table below describes the real GDP and population of a fictional country in 2017 and 2018. Population 2.0 million Year Real GDP 2017 $14 billion 2018 $15 billion 2.1 million Instructions: Round your answers to the nearest whole number. a. The real GDP per capita in 2017 is: The real GDP per capita in 2018 is: b. The growth rate of real GDP is: c. The growth rate in population is: d. The growth rate in real GDP per capita is:The table provides some data on real GDP and the population of Pacifica in 2018 and 2019. What is the economic growth rate in Pacifica in 2019? Real GDP Population (billions) Year (billions of dollars) What is the growth rate of Pacifica's standard of living in 2019? 2018 140,000 350 >>> Answer to 1 decimal place. 2019 154,508 361 The economic growth rate in Pacifica in 2019 is percent. The growth rate of Pacifica's standard of living in 2019 is percent. Enter your answer in each of the answer boxes. F12 F10 80 888 F4 F3 esc % de # %24 3 4 1 P E R Q tab K A caps lock C V shift command optic option command fn control I LL