A model of economic growth and development argues that countries have to catch up to the frontier of knowledge A by developing skills h. This model is reflected in the following production function and skill accumulation: Y = K (hL)-a and li= Jeeva AY(1-1). In the right-hand side of the above equation note that only A and h are functions of time, while the other parameters are given constants. Use this information and the framework of this model to answer the following 3 questions. Which of the following statements is correct about the assumptions of the growth and development model? Select one or more: a. When an economy is not on the balanced growth path it will grow more slowly the closer its level of h is to the world technology frontier A. b. On the balanced growth path, the rate of growth Today, 6:14:45 PM of growth of A. c. When an economy is not on the balanced growth path it will grow faster the higher the value of the parameter 4. d. When an economy is not on the balanced growth path it will grow faster the closer its level of h is to the world technology frontier A