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- Four of the determinants of economic growth relate to supply side, i.e. the physical ability of the economy to produce. Which of the following is not one of those? Select one: a. Increases in the quantity and quality of natural resources. b. Increases in the supply (or stock) of capital goods. c. Improvements in technology. d. Increases in the quantity and quality of human resources. e. Efficient financial institutionsHow does the role of government influence economic growth? As the size of government increases as a share of the economy, how is the growth rate of real GDP likely to be affected? Explain.Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long run in reponse to each of the following changes? Production function is Y=AK^1/3L^2/3 a. Investment rate doubles b. depreciation rate falls by 10% c. Productivity level rises by 10% d. Earthquake destrys 75% of the capital stock e. Generous immigration policy lead the population to double
- What would be the effect of each of the following events on actual and potential economic growth? (Assume no other changes take place.) (a) A reduction in the level of investment. Actual growth: rise / fall / no effect Potential growth: rise / fall / no effect (b) People save a larger proportion of their income. Actual growth: rise / fall / no effect Potential growth: rise / fall / no effect (c) A reduction in the working week. Actual growth: rise / fall / no effect Potential growth: rise / fall / no effect (d) Increased expenditure on education and training.…Explain why a fall in economic growth could lead to a rise in unemployment. Use a diagram to support your answer.A country will roughly double its GDP in twenty years if its annual growth rate is: Group of answer choices 2.5 percent. 12 percent. 7.5 percent. 3.5 percent.
- A country's rate of economic growth is important because. A) an economy that grows too slowly is always involved in human rights violations. B) a slowly growing economy always invades its neighboring countries in search of wealth. C) a slowly growing economy experiences very slow growth in population. D) an economy that grows too slowly fails to raise living standards of its citizens.What are the implication of economic growth that relate with Solow growth and Endogenous growth?Determine whether the events listed below would promote or reduce long term economic growth: A. Advances in technology make workers more productive in many areas B. Changes in the law make business contracts harder to enforce 1. Promote ? 2. Reduce
- Which country looks like it's experiencing exponential growth?The economy has grown by 4% per year over the past 30 years. During the same period, the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years. What is the growth rate of productivity? A) 5% B) 4% C) 3% D) 1.6%Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long run in response to each of the following changes? (a) The investment rate doubles (b) the depreciation rate falls by 10% (c) The productivity level rises by 10% (d) an earthquake destroys 75% of the capital stock (e) A more generous immigration policy leads the population to double.
