Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Many demographers predict that the United States will have zero population growth in the coming decades, in contrast to the historical average population growth of
Many demographers predict that the United States will have zero population growth in the coming decades, in contrast to the historical average population growth of about 1 percent per year. Considering your answer to the previous question, what happens to output per worker and total output during the transition to the new steady state? Group of answer choices Output per worker will increase as the economy converges to the new steady state. The growth rate of output per worker will fall to zero in the long run. Total output will grow at the same rate as output per worker plus population growth. Total output growth will eventually fall to zero in the long run. Output per worker will decrease as the economy converges to the new steady state. The growth rate of output per worker will fall to zero in the long run. Total output will grow at the same rate as output per worker plus population growth. Total output will continue to grow even as population growth falls to zero. Output per worker will increase as the economy converges to the new steady state. The growth rate of output per worker will remain positive even as population growth falls
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started