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- Question One. Answer the following pertaining to the growth theories. a) Derive the elasticity of the balanced-growth-path level of output with respect to savings rate. b) The Romer growth model assumed that growth rates if capital and knowledge are endogenously determined. Derive the growth rates of capital and knowledge. I want a answer in 15 minIf the real GDP growth rate in the UK is 2.0% on average, then the level of real GDP will be doubled in ____ years. 70 7 23 359 Based on the production function Y = AKaG1-a (with G representing public expenditure, and the remaining variables and parameters representing usual values), show, using the necessary assumptions the value of the tax amount that maximizes the economic growth rate. Then, represent graphically the situation.
- The current population of the United States is 327.2 million with 2.2% of the population is engaged in R&D at an efficiency rate of 1/375 per million persons per year. If R&D is the only source of total-factor productivity growth what is the growth rate of total factor productivity in the United States?Explain the difference between the Big push theory by Rosenstein Rodan and the Hirschman theory of economic growthTurkish growth performance in 1980’s Explain why in the period of 2014-2018 the TFP contribution to GDP growth diminished to 0.8 percentage points the lowest scored observed in Turkish economic history while Log K is at 7.2%, a very high growth score?
- The economy grows 3.59 percent per year over a 20 year period. 0.67 percent per year is attributed to labor and 1.49 percent per year is attributed to capital. Therefore, enter your response here percent per year must be due to technological progress. (Enter your response rounded to two decimal places.)Question 2Assume production function is given by:Y= K(1/2) L(1/2)a. Write the production function in per worker terms (y=f(k))b. Assume that the per worker level of capital in the steady state is 4, the depreciation rate is 5% per year, and population growth is 5% per year. Does this economy have “too much” or “too little” capital? How do you know? [Show your work].Suppose output per worker in a country has grown at the same rate as technology over many years. This country's growth would be described as/by: A. ‘Appropriable’ growth. B. ‘Balanced’ growth. C. ‘Effective’ growth. D. ‘Diffuse’ growth. E. None of the above statements.
- Consider a two-sector model of growth, with two kinds of investment opportunities—one with a diminishing marginal product and one with a constant marginal product. a. What does the production function for this problem look like? b. Characterize the set of equilibria for this model. Does output in any of the equilibria have nonzero per capita growth? c. What can this model help us explain that strict endogenous and neoclassical growth models cannot?A country produces output using a production function: Y = F(K, L) = AxK0.5 L0.5 where L is labour, K is capital and A is total factor productivity. Prove that this function exhibits constant returns to scale. Assume that A = 3 and its growth rate is zero. The country has a population growth of 1.5% per year (0.015) and capital depreciates at a rate of 10% (0.10) per year. If the country saves 30% (0.3) of national income, find the steady state levels of capital per worker, as well as consumption and income per worker in the Solow growth model corresponding to this country. What would be the rate of growth of GDP per capita in steady state? Calculate the “Golden Rule” level of capital stock in steady state. Is this economy dynamically efficient?The Accelerated and Shared Growth Initiative for South Africa (AsgiSA) was launched by Deputy President Phumzile Mlambo-Ngcuka in February 2006. After research and discussion with stakeholders, government identified six “binding constraints on growth” that needed to be addressed so as to progress in its desire for shared growth and to achieve its target of halving unemployment and poverty between 2004 and 2014. This could be achieved if the economy grew at an average rate of at least 4.5% in the period to 2009, and by an average of 6% in the period 2010 to 2014.These binding constraints were: deficiencies in government’s capacity the volatility of the currency low levels of investment infrastructure and infrastructure services shortages of suitably skilled graduates, technicians and artisans insufficiently competitive industrial and services sectors and weak sector strategies inequality and marginalisation, resulting in many economically marginalised people being unable to…