The main conceptual difference between the Romer model and the Solow model is a. The production function in Romer exhibits decreasing marginal returns with respect to capital but Solow does not. b. The Romer model tries to explain how an economy can continue to grow year-after-year whereas the Solow model only has growth in the transition to steady state. c. The Solow model focusses on increasing returns to scale and the Romer model is focused on the steady state d. The Solow model is a model of growth in GDP per capita, but Romer is a model of growth in GDP per worker e. Both c. and d. are correct. 10. In a model of labor supply and labor demand, unemployment can occur when a. the wage is less than the point where labor supply equals demand b. the labor supply curve is vertical c. there is a wage in the labor market that is above the wage where supply equals demand d. the demand curve is horizontal e. Wal-mart opens a shop in the local town.

The main conceptual difference between the Romer model and the Solow model is a. The production function in Romer exhibits decreasing marginal returns with respect to capital but Solow does not. b. The Romer model tries to explain how an economy can continue to grow year-after-year whereas the Solow model only has growth in the transition to steady state. c. The Solow model focusses on increasing returns to scale and the Romer model is focused on the steady state d. The Solow model is a model of growth in GDP per capita, but Romer is a model of growth in GDP per worker e. Both c. and d. are correct. 10. In a model of labor supply and labor demand, unemployment can occur when a. the wage is less than the point where labor supply equals demand b. the labor supply curve is vertical c. there is a wage in the labor market that is above the wage where supply equals demand d. the demand curve is horizontal e. Wal-mart opens a shop in the local town.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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