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- Write down an equation of motion which takes into consideration technological advancement and what condition must be true if the economy is in the steady state. Be sure to label what the components are.The steady occurs when the economy is in equilibrium. Specifically, the steady state refers to the situation where K/N and Y/N are constant. K/N will not change when investment per worker equals depreciation per worker. During the adjustment process, the growth rates of Y, Y/N, and K/N will all be negative. Once the steady state is reached, these variables are constant and the growth rates will be zero. True FalseIn each state, how many stable steady states are there?
- The zero-growth proposal argues that, because higher measured GNP imposes _______ costs, it is best to aim for ________ growth of measured GNP. transaction, steady-state transaction, zero environmental, zero environmental, steady-stateIn 2014, New Zeland changed its method of calculating real GDP growth rate, substituting fixed weights with chain weights. What might explain such a change in method? Are the differences between the two methods significant?If GDP is growing at an annual rate of 6%, in how many years will GDP double?
- Q4. Illustrate the Steady-State of the Solow-Swan model and show the effect of an increase in the savings rate on the Steady-State. PLease write the explanation detail with the diagram.The neoclassical growth model predicts absolute convergence for countries with the A. same technology. savings rate, and population growth B. technology and savings rate, but different rates of population growth C. same technology and population growth, but different savings rates D. same population growth and savings rate, but different levels of technologyTRUE OR FALSE? Economic Development is an independent subject and one of the branches of economics. Business Cycle is not same with Economic cycle. Utility in economics is the same treatment and concept in Accounting.