Economic growth theories have discussed growth factors from various perspectives. Critically discuss the similarities and differences in growth factors based on Adam Smith's, David Ricardo's, and Harrod-Domar's theories.

Q: Which best describes economic growth? a) increase in labor force participation rate b) a decrease…

A: When real GDP increases for longer time.It best describes economic growth.

Q: Describe fully Ragnar Nurske"s theory of economic growth and development.

A: According to the balanced growth theory as pioneered by Ragnar Nurske in the year 1907 to 1959 the…

Q: Which one of the following is the most accurate description of growth theory? A) Growth theory…

A: Growth Theory:- The classical growth theory says that the growth of economy will reduce or end due…

Q: Which of the following is NOT considered a factor contributing to economic growth? a) Investment in…

A: Increase in government regulation is NOT considered a factor contributing to economic growth. This…

Q: Consider the following numerical example of the Solow Growth Model: • s=0.25 • z=1 • FIK,N)=K0.3N0.7…

A: Production function: Y = F(K,N) = K0.3 N0.7 => Y = K0.3 N0.7 Divide both sides by N  => (Y/N)…

Q: Economic growth accounting studies show that Group of answer choices Improvements in physical…

A: Enterprise is carried out by entrepreneur and therefore enterprise would be occupationally mobile if…

Q: Modern economic growth theory asserts that "depending up on how much human capital they have, and…

A: The above statement is - TRUE

Q: Which of the following policies should the government NOT adopt if its goal is to enhance economic…

A: When talking about economic growth, it can be said that it is explained by an increase in the…

Q: What components of the Solow Growth Model, The Plantation Economy Model, Endogenous Growth Models…

A: The Solow growth model, also known as the neoclassical growth model, is an economic framework…

Q: Explain the characteristics of knowledge and its effects on economic growth by comparing Labor and…

A: Human capital: - it is an asset in the form of the efficiency of a worker which is related to the…

Q: Explain why there is such a close relationship between changes in a nation’s rate of productivity…

A: ANS Purchasing power (PP) of wage (income) is the amount of services & goods that can be…

Q: In the framework of endogenous growth theory, which of the following mechanisms is primarily…

A: Endogenous growth theory suggests that economic growth is driven by factors that are internal to the…

Q: Define the following conceps: Rule of 70, Determinants of Economic growth, Growth Accounting

A: Economic Development is an initiative, policy, or project that seeks to enhance the economic…

Q: TRUE OR FALSE? The new growth theory emphasized the role of human capital development. The two…

A: When talking about new growth theory, it explains the role of various economic variables that…

Q: Suppose that , z the marginal product of efficiency units of labor, increases in the endogenous…

A: The theory that depicts that there is the generation of economic growth within a system due to the…

Q: Explain how institutional factors promote economic growth in these areas:  promotion of modern…

A: Economic growth is an increase in the production of economic services and goods being compared from…

Q: Since the late 1950s, economists have performed “growthaccounting” studies in the United…

A: In the year 1957 Robert Solow introduced the term economic growth accounting, which is a study of…

Q: Formulate 5 specific ways or programs for the government to create faster ways of economic growth,…

A: Microeconomics and macroeconomics are the two most important branches of economics. Microeconomics…

Q: critically discuss the similarities and differences in growth factors based on Adam Smith's, David…

A: The objective of this question is to critically analyze and compare the growth factors as proposed…

Q: In the mid-1990s, it appeared that productivity growth increased substantially in the U. S, economy.…

A: The economy of the United States of America (US) experienced around 25 years of sluggish gains…

Q: is it true or false that the growth rate of the GDP per worker for an economy where the capital to…

A: The quantity of capital required to create one unit of output is referred to as the capital output…

Q: What are the disadvantages/limitations of Endogenous growth theories

A: According to endogenous growth theory, economic growth is generated from inside a system using…

Q: Evaluate the following statement. People do not save enough or invest enough in their education.…

A: The Solow Growth Model, developed by Nobel laureate Robert Solow in the 1950s, is a neoclassical…

Q: Explain Ricardo's theory of how population growth affects the accumulation of capital.

A: In his theory, Ricardo concludes that profit and wages have an inverse relationship that rises or…

Q: Economic growth is: an expansion of production possibilities an increase in the population…

A: Economic growth is a concept in economics that refers to an increase in the output that an economy…

Q: Explain how from perspective of Robert Solow's model of economic growth, war with Russia will affect…

A: It can be defined as an indication that shows the productivity and the efficiency of the economy. It…

Q: In 1950’s and 60’s the average GDP per capita growth reached 8 % in Japan and   approximately 3 % in…

A: The period between the 1950s to 1970s is known as the Japanese economic miracle because, during this…

Q: How does the Solow growth model explain economic growth?

A: When talking about economic growth, there are different theories and models developed by economists…

Q: Explain how each of the three conditions Smith describes would promote economic growth

A: Peace would promote economic growth as it is an indication of respect to property rights. Violence,…

Q: Give the factors in determining economic growth

A: Economic growth can be defined as the increase or improvement in the inflation-adjusted market value…

Q: Beyond the Solow model, how do endogenous growth theories provide greater understanding of the…

A: Neoclassical growth model: - Neoclassical growth model was first given by Robert Solow and Trevor…

Q: As economic growth models become more and more inclusive of realistic conditions and incorporating…

A: Answer-

Q: In theory, a greater number of poor and developing countries such as Ghana should be catching up…

A: Lack of resources to meet necessities like food, clothing, and shelter constitutes poverty. But…

Q: What were the effects of  Divergence on economic growth in Europe and China?

A: Researchers have proposed a wide combination of speculations to explain why the Great Divergence…

Q: n the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 %…

A: The new growth theory states that humans in any country have a desire to increase and be productive…

Q: The graph below shows the standard model for economic growth. Output X' per worker A Capital per…

A: Economic growth refers to an increase in the output of goods and services in the economy.

Q: The following are the main factors that drive economic growth except:    A. Agrarian Reform   B.…

A: The following are the main factors that drive economic growth except:    A.…

Q: Explain the different ways in which inequality can affect growth. Highlight any existing empirical…

A: Inequality refers to an economic phenomenon under which there exists unequal distribution of…

Q: In the period of 1950-1973 the GDP average growth rate reached 9.3 % in Japan and approximately 4 %…

A: Gross Domestic Products defined as the total of market values of al final goods and service. GDP…

Q: True

A: AK model is a subfield of macroeconomics. It is an endogenous growth model which is used in the…

Q: In order to achieve economic growth we need to either gain more resources or new

A: Economic growth is characterized as an expansion in a country's production of labor and products. An…