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7. Consider the neoclassical growth model where we have two countries, R (rich) with a higher capital per labour ratio and P (poor) with a lower capital per labour ratio. The production function and all parameters of the two countries are identical except that the savings rate of the poor country is lower than that of the rich country and neither country is in steady state equilibrium. Under these circumstances in the long run: a. Because P can grow faster it will have a higher income per worker than R. b. P will catch up to R and both will have the same income per worker. 0. Each will achieve its own steady state equilibrium, but R will have a higher level of income per worker. d. We cannot say which country will have a higher level of income per worker in the long run. 8. Considering the information in the table below what is the growth rate of real GDP? 2019 4800 120 a. 0% b. 1.2% c. 20% d. 10% 10. Assuming we have perfect capital mobility, a flexible exchange rate and the government wishes to increase the level of output then: a. Expansionary monetary policy is better than expansionary fiscal policy. b. Expansionary fiscal policy is better than expansionary monetary policy c. Both will achieve the government's objective. d. Neither will achieve the government's objective.6. The J curve implies that, given a xed exchange rate: a. Devaluation does not affect the current account. b. Devaluation immediately deteriorates the current account but improve it after a time. c. Devaluation immediately improves the current account but deteriorates it after a time. d. Devaluation deteriorates the current account. 1. Consider the following information Price Quantity Demanded 8 160 10 120 Price elasticity of demand, if price rises from 8 to 10 is: a. -20 b. 0.05 C. -1 d. None of the above