7. A country's GDP is expected to grow at a constant rate of 3%, and population grows at rate of 2%. Productivity grows at rate of 1%, and capital share is 1/2. Approximately how many years would it take for a country's per capita income to double? Assume population is equal to labor force, and the production function is Y = AKªL'-a. a) 14 b) 23 c) 35 d) 70

7. A country's GDP is expected to grow at a constant rate of 3%, and population grows at rate of 2%. Productivity grows at rate of 1%, and capital share is 1/2. Approximately how many years would it take for a country's per capita income to double? Assume population is equal to labor force, and the production function is Y = AKªL'-a. a) 14 b) 23 c) 35 d) 70

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter19: Economic Development

Section: Chapter Questions

Problem 1.1P

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