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Homework answers / question archive / 1)Of the three sources of growth identified by growth accounting, which one is primarily responsible for the slowdown in US economic growth after 1973?  What explanations have been given for the decline in this source of growth?          2

1)Of the three sources of growth identified by growth accounting, which one is primarily responsible for the slowdown in US economic growth after 1973?  What explanations have been given for the decline in this source of growth?          2

Economics

1)Of the three sources of growth identified by growth accounting, which one is primarily responsible for the slowdown in US economic growth after 1973?  What explanations have been given for the decline in this source of growth? 

 

 

 

 

2. True or false?  The higher the steady-state capital-labor ratio is, the more consumption each worker can enjoy in the long-run.  Explain.

 

 

3. What two explanations of productivity growth does endogenous growth theory offer?  How does the production function in an endogenous growth model differ from the production function in the Solow model?

 

 

4. According to the Solow model, how would each of the following affect consumption per worker in the long run (that is, in the steady state)?  Explain?

 

  1. Destruction of a portion of the nation’s capital stock.

 

  1. A permanent increase in the rate of immigration, which raises the population growth rate.

 

 

  1. A permanent increase in energy prices

 

 

  1. A temporary rise in the saving rate.

 

 

  1. A permanent increase in the fraction of the population in the labor force (the population growth rate is unchanged).

 

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5.Over the past 20 years an economy’s total output has growth from 1000 to 1300, its capital stock has risen from 2500 to 3250 and its labor force has growth from 500 to 775.  All measurements are in real terms. Calculate the contributions to economic growth of growth of capital, labor and productivity.

 

            a>assuming that capital share is a = 0.3 and labor share is b = 0.7

 

 

            b>assuming that a= 0.5 and b= 0.5

 

 

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