According to the neoclassical growth model, a one-time technological advance will
A. shift the investment requirement line up
B. increase the long-term growth rate of output
C. have no effect on the steady-state capital-labor ratio
D. lead to a decrease in the rate of depreciation
E. none of the above
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The steady state is defined as a long-run equilibrium at which capital, labor, and output all grow at the same rate. To be in a steady state in a neoclassical model, which of the following equations has to be satisfied?
A. y = (n - d)k
B. sy = (n + d)k
C. sf(k) = (n - d)k
D. sy = nk + d
E. y = f(k) = sk + nd
In the neoclassical growth model, the steady-state capital-labor ratio is determined by the equation
A. k = (n + d)y
B. k = s(n + d)
C. k = sy/(n + d)
D. k = y/(n - d)
E. k = (n + d)/sy
According to neoclassical growth theory which of the following does NOT affect a nation's long-term growth rate?
A. the savings rate
B. technological progress
C. the rate of depreciation
D. population growth
E. both A) and C)
For a neoclassical growth model, which of the following statements is FALSE?
A. an increase in the savings rate will increase the steady-state growth rate of aggregate output
B. an increase in population growth will increase the steady-state growth rate of aggregate output
C. an increase in population growth will reduce the steady-state level of income per capita
D. if poor countries save at the same rate as rich countries and have access to the same technology, they will eventually catch up
E. long-run growth results from improvements in technology
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