Suppose we observe the following growth rates in various economies. Discuss whether or not each economy is
Question:
(a) A European economy: gY/L = 0.03, gK/L = 0.03.
(b) A Latin American economy: gY/L = 0.02, gK/L = 0.01.
(c) An Asian economy: gY/L = 0.06, gK/L = 0.15.
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A balanced rate of growth requires that g YL 32 g A a ...View the full answer
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