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CI Sign In - myCI - CSU Channel I X Quiz: Final exam X + /12911/quizzes/33810/take m Home | Daily Mail... a Amazon.com: Onli... Sign In - Nextdoor C CLEVER Home - Family Co... Classes X Xtra Question 19 1 pts Consider the Solow growth model. Suppose you have two countries, Japan and South Korea. Looking through their very detailed statistics that both countries collect, you discover that these countries are virtually identical. You notice that both countries have the same population (N). Population grows at the same rate (9> > 0) in both countries, and everyone in the economy works ( that is, population and employment are the same thing). You also notice that both countries have the same production function [Y=F(K; AN)], and the production function satisfies the assumptions of the Solow model. Both economies depreciate capital at the same rate, 8, and in both countries technology advances at the same rate (9A > 0). Both economies have the same savings rate, s. You dig deeper into the similarities of these two countries, and you discover that this year, total output in both countries is identical . You also note that both countries are in steady state . Suppose now that technological progress in Japan increases. We should expect that When Japan reaches a new steady state, total output in South Korea will grow faster than total output in Japan When Japan reaches a new steady state, total output in Japan will grow faster than total output in South Korea When Japan reaches a new steady state, total output in Japan will grow at the same rate as total output in South Korea We need more information to determine if total output in Japan will grow faster, slower, or the same as in South Korea once Japan reaches a new steady state : MacBook Pro