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One of objectives of economic development is human capital development.
a.) True
b.) False
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- 5) Purpleland's Real GDP was 196 billion dollars in 2006 and 206 billion dollars in 2007. Purpleland's population growth rate was 2% in 2007. a. If Purpleland's 2007 economic growth rate and population growth rate are maintained, how long will it take for Purpleland's RGDP/capita to double? menu Ineuo end of b. If Purpleland's 2007 economic growth rate is maintained but the population growth rate falls to 1.5%, how long will it take for Purpleland's RGDP/capita to double? art(Growth Differentials.)Three Irish sisters are thinking about emigrating in 1870. The optionsare going to the United States or Argentina, or staying in Ireland. They cannot agree where to goand split up. One stays in Ireland, one emigrates to the United States and one to Argentina. Thefollowing table provides information on real GDP per capitain 1870, 1913, and 1929 in Ireland, theUnited States and Argentina expressed in U.S. dollars of 1990, which we will use to analyze how eachdid.real GDP per capita1870 1913 1929Ireland 1,775 2,736 2,824United States 2,445 5,301 6,899Argentina 1,311 3,797 4,367Data Source: The Maddison-Project(http://www.ggdc.net/maddison/maddison-project/home.htm).In answering the following questions, please show your work.(a) Using GDP per capita as a measure of wealth, how much richer or poorer was the average Irishrelative to the average American and Argentine in 1870? Express your answer in percent.(b) Compute the average growth rate of per capita GDP in each…An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it grows at an annual rate of 2 for 20 years? 2 for 40 years? 4 for 40 years? 6 for 40 years?
- 16 Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 60% and capital's share of output is 40%. Instructions: Enter numbers rounded to two decimal place in each box. Growth Rate of Labor (8) Growth Rate of Capital (8) Scenario A B C D Growth Rate of Output (8) 3.0 4.2 3.0 4.2 2 3 2 1 2 3 1 4 Implied Growth Rate of Technology (8)3. (a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly and clearly explain what this number 0.43 tells us. O TFP refers to Total Factor Productivity of a nation, and it measures how effective is an economy by applying all factors of production. At the given question, Ithe 0.43 TFP for Brazil refers to the quantity produced using 100% of inputs. (b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā) using the production model we studied (round to the 2nd decimal place). y=Ak¹/3 0.30= A*(0.18)¹3 A= 3.33333 A=3.33 4. (a) Explain clearly the job separation rates and the job finding rate f in the bathtub model of unemployment. Write out the formula for each rate. O In the bathtub model, the separation rate captures the number of employed people who lose their job. While Job finding rate captures theQ10. Capital intensive technique is chosen in a (a) Labour surplus economy. (b) Capital surplus economy. (c) Developed economy. (d) Developing economy.
- 1 An increase in Real GDP: a. is absolute economic growth b. C. always results in a higher standard of living Both of the above O d. Neither of the above(42). Economic development is measured by. a) an increase in the aggregate level of output. O b) an increase in per capita output. O c) an increase in economic activity without any underlying change in the fundamental structure and institutions of a country. O d) All of the above.Why dues productivity growth in high-income economies not slow down as it runs into diminishing returns from additional investments in physical capital and human capital? Does this show one area where the theory of diminishing returns fails to apply? Why or why not?
- 51.) Explain how rapid population growth can contribute to rapid economic growth even when Solow and other models all show that population growth reduces the level of income in the early stage. (4-5 paragraphs original content thank you) PLEASE ANSWERRRRRR BADLY NEEDEDDDDDD1. Assume that there are two countries with the following characteristics. Per capita Output Y = A.kª.h¹-a A-technology k-per capita physical capital h-per capita human capital a-0.6 Country A with $500 per capita income saves 25% of its output and invests on physical capital, and 25% on investing in human capital. Country B with $5000 per capita income saves 25% of its output and invests on physical capital, and 35% on investing in human capital. a. What are the growth rates of the two countries? b. What will be the per capita income levels after 5 years? c. Will there be convergence on the per capita income in the future?2. An economy has a production function: Y 3KtLt. (1) The economy has a saving rate of 24 percent, a depreciation rate of 3 percent, 1 for all period (no population growth). and Lt Yt Lt (a) What is the per-worker production function, yt f(kt)? Define yt Ки Lt and kt (b) Find the equation for the evolution of capital per worker in terms of kt and kt+1 (c) Find the long-run growth rate of output per worker. Now the economy has the following production function: Y 3Kt (2) but savings rate, depreciation rate, and population remain the same