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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.Suppose, due to the effects of a military conflict that has ended, that a country experiences a large reduction in its capital stock. Assume no other effects of this event on the economy. Which of the following will tend to occur as the economy adjusts to this situation? Question 5Select one: A. a relatively low growth rate for some time B. a relative high growth rate for some time C. zero growth for some time, followed by a gradually increasing growth rate D. positive growth, followed by negative growth, and then zero growth E. none of theseConsider 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.
- Answer the below questionsa. What do you understand by Real GDP? What is the Real GDP Growth Rate of India and China in 2019? What is the estimated real GDP growth rate of India and China in 2020? What is the projected real GDP growth rate of India and China in 2020 and 2022?b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels (January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina?Consider the following data for a particular country. Year 1 Population (Millions) - 400 Real GDP (Trillions of $) - 16 Year 2 Population ( MIllinois ) - 480 Real GDO ( Trillions of $ ) - 24 Instructions: Enter your answers as a whole number. a. What is the growth rate of real GDP from year 1 to year 2 -blank percent b. What is the growth rate of real GDP per capita from year 1 to year 2 -blank percent Note: Donot given direct answerComputing 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 3/4
- Q7 An economy has a Cobb–Douglas production function: Y = Kα(LE)1−α The economy has a capital share of 1/3, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of labor-augmenting technological change of 1 percent. It is in a steady state. a. At what rates do total output, output per worker, and output per effective worker grow?b. Solve for capital per effective worker, output per effective worker, and the marginal product of capital. c. Does the economy have more or less capital than at the Golden Rule steady state? How do you know? To reach the Golden Rule steady state, does the saving rate need to increase or decrease?d. Suppose the change in the saving rate you described in part (c) occurs. During the transition to the Golden Rule steady state, will the growth rate of output per worker be higher or lower than the rate you derived in part (a)? After the economy reaches its new steady state, will the growth rate of…True or false? If false, explain why.a. Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future.b. Many public capital goods are complementary to private capital goods.c. Immigration has slowed economic growth in the United States.Sweden and Norway are two neighboring countries in Northern Europe with similar savings rates, population growth rates, technology growth rates, and depreciation rates. However, Norway differs from Sweden in that Norway has large deposits of oil all along its coast, which makes it very easy for Norway to produce large quantities of crude oil every year with relatively little capital and labor. a) Draw a Solow Growth diagram that compares Sweden and Norway. What is the main difference between the two countries in the diagram? b) According to the Solow Growth Model, which country would have a higher standard of living in the long run? Which country would have a higher growth rate of its standard of living in the long run? c) Suppose now that, in the long run, oil becomes obsolete and has no value because it is uneconomical relative to renewable energy sources like solar and wind power. What would this do to your Solow Growth diagram in part a? How would the standard of living in Norway…
- Assuming a country’s economy maintains an 8% rate of growth, young adults starting at age 20 would see the average standard of living in their country more than double by the time they had reached age __________. Question options: a) 30 b) 60 c) 50 d) 40 Country Alpha and Country Beta initially have the same real GDP per capita. Country Alpha experiences no economic growth, while CountryBeta grows at a sustained rate of 5 percent. In 14 years, Country Alpha’s GDP will be approximately _________ that of Country Beta. Question options: a) triple b) double c) one-half d) one-fourthpleasee quickkk !!!! Long-run economic growth can help alleviate the problems of poverty by... a. Requiring increased saving on the part of most of the population. b. Generating more resources that can be used to reduce income inequality. c. Reallocating income away from low-value production to increase the incentives for high-value production. d. Increasing future consumption for the middle class. e. Creating new low-paying jobs for the unemployed.a. What do you understand by Real GDP? What is the Real GDP Growth Rate of India andChina in 2019? What is the estimated real GDP growth rate of India and China in 2020?What is the projected real GDP growth rate of India and China in 2021 and 2022? b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels(January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina
