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- 1. Over the period from B.C. 10,000 to A.D. 1, the world population is estimated to have increased from 4 million to 170 million, while the level of income per capita was constant over time. Assuming that the quantities of human and physical capital per worker did not change, and that the exponent on land in the production function is one-third, calculate the growth rate in productivity over this period. What was the annual growth rate of productivity, A?A nation can achieve higher economic growth if: a)the productivity oflabor declines. b)more resources areallocated to consumption goods. c)it devotes more resources to research and development. d)taxes are imposed oninvestment in capital.In the framework of endogenous growth theory, which of the following mechanisms is primarily responsible for sustained economic growth without the necessity of external inputs?a) The accumulation of physical capital through savings and investment.b) Technological innovation and the knowledge spillover effect.c) Increases in labor supply through population growth.d) Exploitation of natural resources and raw materials.Uploading 3rd time. Again and again got ai answer. Please provide valuable answer
- 62. What is a problem with the geographical explanation for economic growth? (A) It ignores Malthusian dynamics. (B) Countires like Singapore, with unfavourable geography, are rich. (C) Geography is the outcome of millennia of historical processes that are not fully understood. (D) It ignores the productivity explanation for economic growth.There are non-economic factors that will either lead to economic growth or create hindrances to growth; choose 2 of these factors to discuss and explain... use examples.Which of the following is correct? a)A decrease in theproductivity of labour leads to economic growth. b)An increase in thequantity of labor always leads to economic growth. c)Increased educationadds to the stock of human capital, not unlike building factories adds to thestock of physical capital. d)Third World countriesare rich in human capital.
- 1. New growth theory (i.e., endogenous growth theory developed by 2018 Nobel Prize Links to an external site.winner Paul Romer Links to an external site.) is the theory that: Group of answer choices a. our unlimited wants will lead us to greater productivity and perpetual economic growth due to choices in pursuit of profits. b. when a decrease in labor productivity decreases real GDP per person the new prosperity brings a population explosion. c. the population contraction brings real GDP per person to a higher level. d. the clash between an exploding population and limited resources will eventually bring economic growth to an end.3. What is the relation between productivity growth and living standards?Write out the equation for output growth with capital, labor and total factor productivityas determinants of growth. Suppose that the shares of capital and labor are respectively0 .3 and 0.7. If labor supply grows by 10% what would be the growth rate of outputassuming that there is no change in the other determinants? What would happen to percapita output if labor supply growth is entirely due to population growth?
- With continuously compounding population growth of 3% per year, starting with a population of 1 million people, how many people will there be after 100 years, to the nearest million? a. 4 million b. 20 million c. 26 million d. 10 millionY - K"(LE) The economy has a capital share of 0.20, a saving rate of 45 percent, a depreciation rate of 3.75 percent, a rate of population growth of 5.00 percent, and a rate of labor-augmenting technological change of 3.5 percent. It is in steady state. b. Solve for capital per effective worker (k"), output per elffective worker (y"), and the marginal product of capital. k' - y* = marginal product of capital =unning a budget denent. Which of the following is not considered a factor contributing to economic growth? Select one: a. Growth in the national money supply. b. Government protection of property rights. c. Growth in physical capital inputs (machines, tools, buildings, and inventories)