62. What is a problem with the geographical explanation for economic growth? (A) It ignores Malthusian dynamics. (B) Countires like Singapore, with unfavourable geography, are rich. (C) Geography is the outcome of millennia of historical processes that are not fully understood. (D) It ignores the productivity explanation for economic growth.

62. What is a problem with the geographical explanation for economic growth? (A) It ignores Malthusian dynamics. (B) Countires like Singapore, with unfavourable geography, are rich. (C) Geography is the outcome of millennia of historical processes that are not fully understood. (D) It ignores the productivity explanation for economic growth.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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H 1. What factors contribute to productivity growth in an organization or industry? Discuss the key drivers and analyse how these factors impact productivity and the potential for sustainable productivity gains over time.
(a) Two countries, Country A and Country B, are described by the Solow growth model. Both countries are identical, except that the rate of labor-augmenting technological progress is higher in A than in B. i. In which country is the steady-state growth rate of output per effective worker higher? ii. Does the Solow growth model predict that the two economies will converge to the same steady state? p (b) Based on the Solow growth model with population growth and labor-augmenting technological progress, explain how each of the following policies would affect the steady-state level and steady-state growth rate of total output per person: i. an increase in the government's budget deficit poits) inis) ii. grants to support research and development (c) Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. Assume the production function is now Y = AK. What happens to the growth rate of per capita GDP over time? (6pints)
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which one(s) is true (a) If an economy can raise its annual real GDP growth rate from 3.8 percent to 4.5 percent, its real GDP doubling time is reduced by 15 years. (b) Suppose that the government passes a law requiring households to increase savings 10% above previous levels. According to Solow's growth theory, in the long run output per capita will grow less rapidly. (c) If an economy has a real GDP doubling-time of 48 years, this will be increased to 56 years if annual GDP growth is reduced by 3.2 percentage points. (d) If K = 3000, n = 0.02, and depreciation, δ= 0.04 and g =0.03, then investment of 320 will hold (K/AL) constant.
4. You have been hired to forecast future population level for a small country. You know that this country currently has 15 million citizens and wishes to achieve a population level twice the current population, 50 years from now. (a) What population growth rate must it maintain in order to achieve this goal? (b) What if this country chooses a goal of 36 million people? What population growth rate would that require?
The Solow Growth Model is a model that is often used to explain the theoretical relationship between several factors that determine a country's economic growthcountry.(a) Explain what you know about the Solow Growth Model and what are the most important determinants of a country's long-term growth rate?(b) Within the framework of the Solow Growth Model, how does population growth affect a country's economic growth rate?(c) Still within the framework of the Solow Growth Model, how does technological progress affect a country's growth rate?
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
1. Which of the following is a benefit that society reaps from high rate of economic growth? a. Longer working hours b. Slower depletion of exhaustible resources c. A more relaxed way of life d. A greater availability of goods and services for consumption and investment
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