Q3 8 Points For each of the following scenarios, construct a well-labeled diagram depicting how steady state capital per worker, output per worker, and investment per worker are affected in the steady state. Q3.1 4 Points A reduction in TFP (A) Upload an image of your answer as a jpeg, png, or pdf file. Please select file(s) Select file(s) Save Answer Q3.2 4 Points A reduction in the saving rate ($) Upload an image of your answer as a jpeg, png, or pdf file. Please select file(s) Select file(s) Save Answer Q4 4 Points Answer the following. Q4.1 1 Point In the Basic Solow Model without exogenous growth, if the population, and therefore the labor supply, doubles, Steady state output per worker will fall by half. O Steady state output per worker will fall by more than half. O Steady state output per worker will fall by less than half. Steady state output per worker will be unchanged. Save AnswerQ4.2 1 Point In the Basic Solow Model without exogenous growth, which of the following changes will lead to an increase in a country's long-run level of GDP per worker: O An increase in TFP (A) O An increase in the saving rate ($) O A reduction in the depreciation rate (6) O All of the above O None of the above Save Answer Q4.3 1 Point In the Basic Solow Model without exogenous growth, which of the following changes will lead to an increase in a country's long-run growth rate of GDP per worker: O An increase in TFP (A) O An increase in the saving rate (s) O A reduction in the depreciation rate (6) O All of the above None of the above Save Answer Q4.4 1 Point In the Basic Solow Model without exogenous growth, countries with the largest growth rates of GDP per worker in absolute value are also the countries that are farthest away from their respective steady states. O True O False Save