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- What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they am combined?An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?Why dues productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area where the theory of diminishing returns fails to apply? Why or why not?
- If X grows at a rate of 9% a year, and Y grows at a rate of 14 percent per year, what is the growth rate of X/Y? a. 23% b. -5% c. 5% d. (9/14) % A nation’s population is growing 5% per year, and its total GDP is growing 1% per year. What is the annual rate of growth of GDP per capita? Feel free to round to the nearest percentage point:.. Suppose that society decided to reduce consumptionand increase investment.a. How would this change affect economic growth?b. What groups in society would benefit from thischange? What groups might be hurt?Is it possible to have economic growth with no opportunity cost? A)Yes, economic growth requires no current sacrifices-only the passage of time. B) No, but economic growth is always worth whatever sacrifice is required. C) No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow D) No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital tormation and research and development.
- Suppose that there are diminishing returns to capital. Suppose also that two countries are the same except one has more physical capital per worker and so it has more real GDP per worker than the other. Finally, suppose that the saving rate in both countries increases from 5 percent to 7 percent. In the long run we would expect that a. the growth rate will not change in either country. b. the country that started with less physical capital per worker will grow faster. c. the country that started with more physical capital per worker will grow faster. d. both countries will grow and at the same rate.Assume real per capita GDP in West Swimsuit is $8,000 while in South Darlinia it is $2,000. The annual growth rate in West Swimsuit is 2.33%, while in South Darlinia it is 7%. How many years will it take for South Darlinia to catch up to the real per capita GDP of West Swimsuit? What will the income of the two countries be when it is equal? type answer only. Do it correctly. Multiple votes will given accordingly.a) Assume a hypothetical society that decides to reduce consumption (production of consumption goods) and increase investment (production of capital goods). How would this change affect economic growth? What groups in society would benefit from this change? What groups might be hurt? kindly solve all parts
- Say that the average worker in Canada has a productivity level of $30 per hour while the average worker in the United Kingdom has a productivity level of $25 per hour (both measured in U.S. dollars). Over the next five years, say that worker productivity in Canada grows at 1% per year while worker productivity intheUKgrows3%peryear.Afterfiveyears,whowill have the higher productivity level, and by how much?(a) What three institutions do you consider are the most important for a country’s economic growth? Briefly explain. (b) Suppose a “leader country” has a real GDP per capita of $50,000, whereas a “follower country” has a real GDP per capita of $25,000. Next, suppose there is a military takeover in the leader country which causes the growth of real GDP per capita to fall to zero percent. In the meantime, real GDP per capita growth in the follower country rises to 5 percent. If these rates continue for a long period of time, how many years will it take for the follower country to catch up to the living standard of the leader country? (c) If you were to hold the size of the labor force in an economy constant, how would increasing the spending in capital goods help to make workers more productive and increase economic growth? What about the effect on economic growth from increasing the size of the labor force through population growth while physical and human capital remain constant?Suppose that India is currently growing at a rate of 14% per year and is producing real GDP per capita equal to $7,000, whereas the United States is currently growing at a rate of 5% per year and is producing real GDP per capita equal to $28,000.a) How long will it take India to double its real GDP per capita?b) How long will it take the United States to double its real GDP per capita?c) How much will India's real GDP per capita be in 20 years?d) How much will the USA's real GDP per capita be in 14 years?
