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Consider the Table below. Years of Wage Relative Schooling to No Schooling No Schooling 0 1 Partial Primary 4 1.65 Complete Primary 8 2.43 Incomplete
Consider the Table below. Years of Wage Relative Schooling to No Schooling No Schooling 0 1 Partial Primary 4 1.65 Complete Primary 8 2.43 Incomplete Secondary 10 2.77 Complete Secondary 1 2 3. 1 6 Incomplete Higher 14 3.61 Complete Higher 16 4.1 1 21) Suppose that we are comparing two countries, 1' and j, which are similar in every respect except the education of their population. Given the data in the Table above, calculate the ratio of output per worker in steady-state in the two countries if all the adults in country i have 16 years of schooling and all the adults in country j have half of the completed schooling of country i. b) What happens to the ratio in a) if country j's adults all complete 14 years of schooling. 0) Interpret the ratio in part b) above
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