Question
Question 1: Technology and economic recovery (21 marks) To reignite the economy post COVID19, the Australian government is considering its options. One option is to
Question 1: Technology and economic recovery (21 marks)
To reignite the economy post COVID19, the Australian government is considering its options. One option is to achieve economic growth through accelerating technological growth. The two technology powerhouses in Oceania are arguably Australia and New Zealand. Assume both are in a technology-steady state in 2021.
Figure 1 depicts the current state of affairs, where A is the technology stock/level; A^ is the technology growth rate.
a) Show in Figure 1 the current technology gap between the two countries and determine which of the two countries is the technology leader?
Figure 1 Technology in Australia (Aus) and New Zealand (NZ)
Australia
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Microeconomics
Authors: Michael Parkin
12th edition
133872297, 133872293, 978-1292094632
