Suppose population growth is given by L, = La+F)', where Lo is the population today, L, is the population in periods, and l is the population constant growth rate. If we do not know what value n takes but do know the values of Lo. L, and t, we can calculate 7 by punching into our calculators. Select one: O añ = (L/Lo)" O b.n = [(L, - 1yLo]" O Ch=L-1 d. ñ = (LILOY - 1 e.n= (LILo)" -1 %3D

Suppose population growth is given by L, = La+F)', where Lo is the population today, L, is the population in periods, and l is the population constant growth rate. If we do not know what value n takes but do know the values of Lo. L, and t, we can calculate 7 by punching into our calculators. Select one: O añ = (L/Lo)" O b.n = [(L, - 1yLo]" O Ch=L-1 d. ñ = (LILOY - 1 e.n= (LILo)" -1 %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose, a country X has a GDP level of 4, 50,000 and a growth rate of 10% in 2007(calculated at the end of the fiscal year 2007). The experts predict that the growth ofthe economy of Country X will gradually slowdown in the coming years. Moreprecisely, they foresee the following growth rates for the future:2007 – 2010 = 10%2010 – 2013 = 9%2013 – 2016 = 7.5%2016 – 2019 = 5%2019 – on = 1% Hint: The list above should be read as saying that, for instance, the growth rate fromthe end of the fiscal year 2007 until the end of 2010 will be 10 %, then from the end of2010 until the end of 2013 it will be 9% and so on. Assuming that the predictions of the experts listed above are accurate, when in thefuture will Country X’s GDP double compared to the GDP level of 2007? Consider now the more optimistic scenario in which the economy does not slow downand the current growth rate of 10% remains constant in the coming years. How longwill it take for the GDP level to double in this scenario? Express…
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Suppose Country A currently has more output and capital than Country B. However, Country A has no technological growth while Country B has persistent technological growth. Assume that the two countries are similar in all other variables. According to the Solow growth model with technological progress, we can expect that: O a. At some future point, Country B will have a higher income per capita. O b. In the steady state, Country B will reach the same income per capita as Country A. All the other statements are false. c. O d. Since they have different steady states, the growth of output per effective worker in both countries will have different rates.
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