[Use a diagram to answer these questions] Be sure to label the: a. axes; b. curves; c. initial steady-state levels; d. terminal steady-state levels; e. the direction curves. shift. Suppose a government is able to impose controls that limit the number of children people can have. Use the Solow growth model to graphically illustrate the impact of the slower rate of population growth on the steady-state capital-labor ratio and the steady-state level of output per worker.
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- What policies can the government of a free-market economy implement to stimulate economic growth?The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. Why have some countries reduced the gap between their incomes andthat of the United States and other countries failed to do so?
- Suppose that U.S. real GDP per capita is $50,000 and grows on average at 3% per year. How long will it take for U.S. real GDP per capita to double at this growth rate? If this growth rate continues, what will U.S. real GDP r capita be in 70 years? S Suppose that U.S. real GDP per capita is $50,000 and grows on average at 5% per year (rather than 3% a year) How long will it take for U.S. real GDP per capita to double at this growth rate? years (round to nearest year) If this growth rate continues, what will U.S. real GDP per capita be in 70 years? S years (round to nearest year)In the Solow economic model, id like to know the relationship between the rate of population growth and the steady state level of income. I know that when the rate of population growth grow, then the breakeven investment line goes up, which decreses investment and capital per worker, but what does it do to the income level and the steady state rate of growth?Which impacts economic growth? O a decrease in the productivity of labor O an increase in the proportion of the population that is college educated O an increase in the average wage rate paid to workers O an increase in the standard of living
- What is the largest contributing factor to human population growth during the 20th and 21st century? a decrease in birth rates an increase in death rates O a decrease in death rates O an increase in birth ratesShow that, when using a traditional economic production function,doubling our population can double our output if capital stocks alsodouble. Use the production function: Q = AK L , where A representstechnology in an economy, K capital, and L labor. Double K and L andshow that Q also doubles, assuming α=β=1/2. Now show that, when we incorporate natural capital into thediscussion, doubling the population does not increase output in thesame way (since natural capital cannot also grow). Use theproduction function: Q = AK L N , where N is natural capital. DoubleK and L and show that Q less than doubles, assuming α=β=γ=1/3.These are the leading causes of population growth:? Poverty? Poor Contraceptive Use? Child Labor? Reduced Mortality Rates? Fertility Treatment? Immigration? Lack of Water? Lower Life Expectancy? War? FamineWhy do you think these are the top 10 causes of population growth? Explain why each of theabove is one of the main causes. You answer must relate to South African examples or atleast developing countries.
- How does the rate of population growth influencethe level of GDP per person?Look at the hypothetical data below:Real GDP per capitaNigeria $1,000Mexico $8,000China $15,000United States $33,000Fact is, changes in income over time explains economic growth of a country. Using two sources of growth, account for the large differences in income per capita across these countries?e. Discuss three policies governments can use to promote economic growth.Some resource-rich countries have succeeded in converting resource wealth into longterm and equitable economic development, while many others have not. Naturalresources have played a fundamental role in the growth of several industrializedeconomies, including Germany and the United Kingdom, where coal and iron ore depositswere a precondition for the Industrial Revolution. The United States was the world’sleading mineral economy from the mid-nineteenth to the mid-twentieth century and in thesame period became the world’s leader in manufacturing (van der Ploeg 2011). Morerecently, countries such as Botswana, Chile, and Norway have used abundant oil andmineral resources as the foundation for economic growth. However, in many othercountries, resource extraction appears to have undermined governance, fed corruptionand capital flight, and increased inequality.Required:(a) Discuss the main challenges posed by resource revenues; and(b) Discuss the special fiscal institutions and mechanisms…