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The output per person.
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Answer to Problem 1QQ
Option (c) is the correct answer.
Explanation of Solution
Option (c):
When the rate of population growth is 1 percent, the rate of technological progress is 3 percent, the
Option (a):
When the rate of population growth is 1 percent, the rate of technological progress is 3 percent, the depreciation is 5 percent and the saving rate is 10 percent, the output per person will not grow at 1 percent. Thus, option (a) is incorrect.
Option (b ):
When the rate of population growth is 1 percent, the rate of technological progress is 3 percent, the depreciation is 5 percent and the saving rate is 10 percent, the output per person will not grow at 2 percent. Thus, option (b) is incorrect.
Option (d):
When the rate of population growth is 1 percent, the rate of technological progress is 3 percent, the depreciation is 5 percent and the saving rate is 10 percent, the output per person will not grow at 4 percent. Thus option (d) is incorrect.
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