SHORT-ANSWER QUESTIONS

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SYMBOLS: Y is output / income /expenditure / real GDP y is output per worker or output per effective worker K is capital k is capital per worker or capital per effective worker - L is labour - Cis consumption c is consumption per worker or consumption per effective worker I is investment i is investment per worker or investment per effective worker - G is total government expenditures T is total taxes S is national savings s is the savings rate - 5 is the depreciation rate - n is the population growth rate - g is the rate of technological progress MPK is the marginal product of capital r* is the world real interest rate r is the closed-economy real interest rate 2. At what rates do the following variables grow, if at all, in the steady state for the Solow Growth Model with population growth but without technological progress? Production is defined here by Y = F(K, L) with constant returns to scale. Also, s > 0,8 >0, n > 0, and g = 0. . capital per worker capital output per worker output O SYMBOLS: Y is output / income /expenditure / real GDP y is output per worker or output per effective worker K is capital k is capital per worker or capital per effective worker - L is labour - Cis consumption c is consumption per worker or consumption per effective worker I is investment i is investment per worker or investment per effective worker - G is total government expenditures T is total taxes S is national savings s is the savings rate - 5 is the depreciation rate - n is the population growth rate - g is the rate of technological progress MPK is the marginal product of capital r* is the world real interest rate r is the closed-economy real interest rate 2. At what rates do the following variables grow, if at all, in the steady state for the Solow Growth Model with population growth but without technological progress? Production is defined here by Y = F(K, L) with constant returns to scale. Also, s > 0,8 >0, n > 0, and g = 0. . capital per worker capital output per worker output O