Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello can you please help me with these questions on economic growth. I have a test in a few weeks. Your help is greatly appreciated

Hello can you please help me with these questions on economic growth. I have a test in a few weeks. Your help is greatly appreciated

image text in transcribed
1. According to estimates presented in class, real per-capita incomes in Western Europe in 1820 were times higher than 1820 incomes in Africa. Estimates of per-capita income in 1998 for Western Europe were times higher than 1998 income estimates for Africa. A.) About 3; also about 3. B.) About 3; about 12. C.) About 12; also about 12. D.) About 12; about 3. 2. Which of the following is an endogenous variable in the Solow Model, as we have studied that model in class? A.) Capital per effective unit of labor k. B.) The marginal product of capital MPK. C.) The savings rate s. D.) A. ) and B.) E.) A.), B., and C.). 3. In the Solow Model, which of the following variables are constant in steady-state? A.) Output per effective unit of labor y. B.) The marginal product of capital MPK. C.) The marginal product of labor MPL. D.) A.) and B.) E.) A.), B., and C.) 4. In the steady state of the Solow Model, which of the following variables grows at that same rate that labor L grows? A.) The capital-labor ratio K. B.) The marginal product of labor MPL. C.) Output per worker -. D.) A.) and C.) E.) None of the variables above grow at the same rate that labor L grows in steady state

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Stats Data And Models

Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock

4th Edition

321986490, 978-0321989970, 032198997X, 978-0321986498

Students also viewed these Economics questions