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- Would the following events usually lead to capital deepening? Why or why not? A weak economy in which businesses become reluctant to make long-term investments in physical capital. A rise in international trade. A trend in which many more adults participate in continuing education courses through their employers and at colleges and universities.How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?Consider an economy with a Cobb-Douglas production function with α = 1/3 that begins in steady state with a growth rate of technological progress of g of 2 percent. Consider what happens when g increases to 3 percent. (a) What is the growth rate of output per worker before the change? What happens to this growth rate in the long run? (b) Perform a growth accounting exercise for the economy, decomposing the growth rate in output per capita into components contributed by capital per capita growth and technology growth. What is the contribution of the change in g to output per capita growth according to this formula? (c) In what sense is the growth accounting result in part b producing a misleading picture of this experiment? Explain why this is the case.
- Consider an economy in which the labour force grows by 2.7 percent per annum, physical capital grows by 4 percent per annum and human capital grows by 1.8 percent per annum. Suppose 45 percent of national income goes to labour and 40 percent to capital. Use a constant returns to scale production function to answer the following growth accounting questions: (a) If the Solow residual were zero what rate of growth would the economy achieve? (b) The country's actual rate of growth has been 4.5 percent per annum, which is faster than the growth rate generated by the accumulation of capital and labour stocks. Calculate the value of the residual.Write out the equation for output growth with capital, labor and total factor productivityas determinants of growth. Suppose that the shares of capital and labor are respectively0 .3 and 0.7. If labor supply grows by 10% what would be the growth rate of outputassuming that there is no change in the other determinants? What would happen to percapita output if labor supply growth is entirely due to population growth?Congress just passed close to a $2 Trillion dollar increase in government spending that will be funded by borrowing and going into debt: How will this impact U.S. national savings, investment, capital per worker, output per worker and the steady state in Solow’s Growth Model. Make sure to include an intuitive and graphical analysis as well as the policy recommendations in Solow’s growth model. Draw Solow's growth model
- Although economic growth is typically measured by calculating the rate of changein real GDP, there are a few problems associated with the use of GDP as ameasure of economic growth.Identify these problems.(4)Q.3.2 Economic growth can originate from the demand side or from the supply side ofthe economy. Discuss the sources of economic growth on the demand side.To what extent have increases in U.S. real GDP resulted from more labor inputs? From higher labor productivity? Rearrange the following contributors to the growth of productivity in order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, technological advance.1.3 Economists who have studied economic growth find strong evidence for convergence among countries between 1980 and 2000................... (True/False)
- To the surprise of many, Georgia's growth over the past decade has been evenly distributed between urban and rural communities. true or false?. Give typing answer with explanation and conclusionComputing growth rates (II): Suppose k, l, and m grow at constant rates givenby g k, gl , and gm. What is the growth rate of y in each of the following cases?(a) y = k 1/3(b) y = k 1/3l 2/3(c) y = mk 1/3l 2/3(d) y = mk 1/4l 3/4(e) y = mk 3/4l 1/4(f ) y = 1klm2 1/2(g) y = 1kl2 1/4 11/m2 3/4K In an attempt to account for the sources of economic growth, economists today refer to the "Solow residual" as a measure of the impact of changes in OA. physical capital. OB. the sophistication and flexibility of institutions.. OC. technology. OD. investment. OE. human capital. O Search 8 Save Clear all Check answer ^
