3) Long-run economic growth requires all of the following except a. technological change. b. government provision...
3) Long-run economic growth requires all of the following except a. technological change. b. government provision of secure property rights. c. increases in capital per hour worked. d. political instability.
Homework Answers
Ans is D
For long run economic growth, Evonomy should have political stability because with political instability there will be larger uncertainty and stable growth I.e. Long run growth will not be attainable
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3) Long-run economic growth requires all of the following except
a. technological change. b. government provision...
What two factors are the keys to determining labour productivity? Select one: O a. technology and...
What two factors are the keys to determining labour productivity? Select one: O a. technology and the quantity of capital per hour worked O b. the growth rate of real the growth rate of real GDP and the interest rate O c. the average level of education of the workforce and the price level O d. the business cycle and the growth rate of real GDP Long-run economic growth requires all of the following except Select one: O a. Long-run...
1. Which of the following do not influence real economic growth in the long-run? a. Increase...
1. Which of the following do not influence real economic growth in the long-run? a. Increase supply of currency b. Increase in the availability of technology c. Well established private property rights d. increase in the amount of capital
Technological change A) almost always increases the costs of production. B) usually requires an investment in...
Technological change A) almost always increases the costs of production. B) usually requires an investment in a new plant. C) cannot help a firm to earn an economic profit in either the short run or the long run. D) is implemented in the short run. E) almost always increases the variable costs of production.
A.What is the labour productivity and how does it relate to long run economic growth? B. Assuming...
A.What is the labour productivity and how does it relate to long run economic growth? B. Assuming that the legal system is already efficient at enforcing property rights and contracts what two factors can increases labour productivity? C.Based on your answer to questions A and B in the medium to long term would it be efficient for the government to increase expenditure on the university sector (assuming the money will be spent on teaching and research)? also show diagrams
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic...
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic growth. Page 7 3. Describe the difference between growth that occurs as a result of an increase in inputs and growth that occurs as a result of an increase in output per input. 4. How do the following institutions promote growth? o Property rights Competitive markets o Efficient financial institutions
1. The economy is in long-run equilibrium. Technological change shifts the long-run aggregate supply curve $60...
1. The economy is in long-run equilibrium. Technological change shifts the long-run aggregate supply curve $60 billions to the right. At the same time, government purchases increase by$30 billion. If the MPC equals 0.8 and the crowding-out effect of the government expenditures would reduce aggregate demand by $60 billion, we would expect that in the long-run, A. both real GDP and the price level would be higher. B. both real GDP and the price level would be lower. C. real...
Regarding economic growth, which of the following are components of economic growth a. investment b. technological...
Regarding economic growth, which of the following are components of economic growth a. investment b. technological progress c. growth in labor d. all the above
Which of the following are true of capital as a determinant of economic growth? Check all...
Which of the following are true of capital as a determinant of economic growth? Check all that apply. a. Capital investment decreases per capita real GDP. b. As consumption increases, capital formation also increases. c. Countries with higher investment rates tend to have higher growth rates. d. Technological advances allow more output from the same amount of capital.
Which of the following is considered a political obstacle to economic growth? A. Low foreign investment...
Which of the following is considered a political obstacle to economic growth? A. Low foreign investment B. Explosive population growth C. Few government subsidies D. Insecure property rights E. Lack of entrepreneurial talent
3) [20 points] Consider the Solow growth model without population growth or technological change. The parameters...
3) [20 points] Consider the Solow growth model without population growth or technological change. The parameters of the model are given by s = 0.2 (savings rate) and d=0.05 (depreciation rate). Let k denote capital per worker; y output per worker; c consumption per worker; i investment per worker. a. Rewrite production function below in per worker terms: 1 2 Y = K3L3 b. Find the steady-state level of the capital stock, c. What is the golden rule level of...
What two factors are the keys to determining labour productivity? Select one: O a. technology and the quantity of capital per hour worked O b. the growth rate of real the growth rate of real GDP and the interest rate O c. the average level of education of the workforce and the price level O d. the business cycle and the growth rate of real GDP Long-run economic growth requires all of the following except Select one: O a. Long-run...
1. Why is economic growth important? 2. Describe the difference between economic expansion and long-run economic growth. Page 7 3. Describe the difference between growth that occurs as a result of an increase in inputs and growth that occurs as a result of an increase in output per input. 4. How do the following institutions promote growth? o Property rights Competitive markets o Efficient financial institutions
3) [20 points] Consider the Solow growth model without population growth or technological change. The parameters of the model are given by s = 0.2 (savings rate) and d=0.05 (depreciation rate). Let k denote capital per worker; y output per worker; c consumption per worker; i investment per worker. a. Rewrite production function below in per worker terms: 1 2 Y = K3L3 b. Find the steady-state level of the capital stock, c. What is the golden rule level of...
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