Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PS-2-Question 5 Years of Schooling' No Schooling 0 Partial Primary 4 Complete Primary 8 Incomplete Secondary 10 Complete Secondary 12 Incomplete Higher 14 Complete Higher

image text in transcribed
PS-2-Question 5 Years of Schooling' No Schooling 0 Partial Primary 4 Complete Primary 8 Incomplete Secondary 10 Complete Secondary 12 Incomplete Higher 14 Complete Higher l6 Wage Relative to No Sehoollng" l l.65 2.43 2.7? 3.I6 3.61 4.\" Relative Wage Total Percentage of Paid to Human Relative People 0 31% 0 8% l 9% 6 3% 36 2% 22 31% 3 1 6% Sum Capital 0 0.0052 0 .027] 7 0.1 1359 0 .78 192 0.58464 0.98276 2.50028 Wage 0.004 0.0132 0.046\"r 0.18559 l.l4392 0.80864 1.29876 3.50028 Use the data in the table above to answer the following questions. (a) Suppose that we are comparing two countries, i and j, that are similar in every respect except the education of their population. In Country i, all adults have 14 years of schooling. In Country], all adults have 8 years of schooling. Calculate the ratio of output per worker in steady state in the two countries. (b) In a certain country, everyone in the labor force in the year 2000 had 12 years of education. In 1900 everyone in the labor force had 4 years of education. What was the average annual growth in income per worker that was due to the increase in educaon

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Reform Of The International Monetary System An Asian Perspective

Authors: Masahiro Kawai, Mario B Lamberte, Peter J Morgan

1st Edition

4431550348, 9784431550341

More Books

Students also viewed these Economics questions