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Suppose we model the recent impacts of COVID-19 outbreak in the U.S. as a dramatic decrease in the workforce. According to the Solow Model of
Suppose we model the recent impacts of COVID-19 outbreak in the U.S. as a dramatic decrease in the workforce. According to the Solow Model of economic growth, which of the following statements is true
- the golden rule level of consumption per efficient worker decreases
- living standards will decline in the long run
- steady state level of capital accumulation will decrease
- level of capital per efficient worker will decrease
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