which statement \s are true. use graphs to exlain a. In the Solow growth model, the saving rate is a crucial determinant of the economy's long-run growth rate of output per worker. b. In the endogenous growth model , the representative firm sets the wage so that the demand and supply of efficiency units of labour are equal. c. In the endogenous growth model , there is no steady state of the economy as human capital will always continue to grow forever. d. The assumption of Constant Returns to Scale technology implies that the marginal product of factor imput is always decreasing.
which statement \s are true. use graphs to exlain a. In the Solow growth model, the saving rate is a crucial determinant of the economy's long-run growth rate of output per worker. b. In the endogenous growth model , the representative firm sets the wage so that the demand and supply of efficiency units of labour are equal. c. In the endogenous growth model , there is no steady state of the economy as human capital will always continue to grow forever. d. The assumption of Constant Returns to Scale technology implies that the marginal product of factor imput is always decreasing.
Chapter20: Economic Growth In The Global Economy
Section: Chapter Questions
Problem 5P
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which statement \s are true. use graphs to exlain
a. In the Solow growth model, the saving rate is a crucial determinant of the economy's long-run growth rate of output per worker.
b. In the endogenous growth model , the representative firm sets the wage so that the demand and supply of efficiency units of labour are equal.
c. In the endogenous growth model , there is no steady state of the economy as human capital will always continue to grow forever.
d. The assumption of Constant Returns to Scale technology implies that the marginal product of factor imput is always decreasing.
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