Assume an endogenous growth model with labor augmenting technology and a production function of the form Y = F(K,AN), where A = 1.2(K/N) such that y = (1.2)k. If the savings rate is s = 0.15 and the rate of depreciation is d = 0.05, how high does population growth (n) have to be to achieve a growth rate of 10 percent?
A. 0.15
B. 0.12
C. 0.1
D. 0.05
E. 0.03
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Assume an endogenous growth model with labor augmenting technology. The production function is Y = F(K,AN), where A = a(K/N) such that y = ak. If the savings rate is s = 0.1, the rate of population growth is n = 0.04, and the depreciation rate is d = 0.02, how much would "a" have to be to achieve a 12% growth rate of output?
A. 0.6
B. 1.2
C. 1.8
D. 2
E. 2.4
If we consider the per-capita GDP of China and India over the last five decades, we realize that
A. despite vast differences in population growth, both countries' per-capita GDP grew at approximately the same rate
B. while investment in human capital is important for economic growth, so are institutional changes and openness to trade
C. India’s growth in per-capita GDP was higher than China’s due to more investment in human capital
D. neither country’s per-capita GDP grew significantly until the 1990s
E. the difference in growth rates between these countries can largely be explained by the difference in years of schooling
A comparison of per-capita GDP in China and India over the last five decades indicates that
A. neither country’s per-capita GDP grew much until the mid-1990s
B. India has a higher per-capita GDP than China since it experienced its growth spurt earlier
C. both countries started poor in 1960, but by the year 2000 China’s per-capita GDP was almost twice as high as India’s
D. both country’s per-capita GDP grew significantly and at about the same rate
E. India’s per-capita GDP grew more than China’s due to more investment in human capital
A comparison of per-capita GDP in China and India over the last five decades indicates that
A. increases in physical capital contributed more to growth in China than in India
B. increases in physical capital contributed more to growth in India than in China
C. India's per-capita GDP grew more than China’s due to lower population growth
D. while per-capita GDP of the two countries increased at about the same rate, India's total factor productivity increased much more than China's
E. while China's total factor productivity increased much more than India's, the per-capita GDP in both countries increased at about the same rate
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