Assume a neoclassical growth model with constant returns to scale. Which of the following statements is TRUE?
A. a declining population growth rate will increase per-capita income
B. an increase in the savings rate will permanently increase the growth rate of output
C. an increase in the depreciation rate will increase the capital-labor ratio
D. technological advances will have no effect on the long-run growth rate of output
E. none of the above
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The idea of a steady state is that
A. the capital-labor ratio grows at a constant rate
B. output per capita grows at a constant rate
C. output, capital, and labor all grow at the same rate
D. an increase in the savings rate will not affect the capital-labor ratio
E. real output cannot grow
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
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
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