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The neoclassical growth model predicts conditional convergence for countries with the same population growth, level of technology, and

A. a higher savings rate
B. a lower savings rate
C. the same savings rate
D. all of the above
E. none of the above

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In a neoclassical growth model in which a one-time advance in technology occurs we could expect

A. the level of saving and investment to increase until a new and higher steady-state capital-labor ratio is reached
B. the level of income per capita to increase but the steady-state growth rate of output to remain unaffected
C. the level of output for any given capital-labor ratio to increase
D. all of the above
E. none of the above

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When current saving and investment are just enough to equip new entrants into the labor force with the same amount of capital that the average person already in the work force uses, then

A. the economy is in a steady state
B. output per head is constant
C. capital per head is constant
D. capital is growing at the same rate as the population
E. all of the above

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In a neoclassical growth model, steady-state consumption is maximized when the marginal increase in the capital-labor ratio (k) produces just enough extra output per capita (y) that the marginal product of k is equal to

A. n + d
B. sy/(n – d)
C. sy/(n + d)
D. sa - (n + d)
E. s - (n + d)

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The golden-rule capital stock (k**) ensuring that steady-state consumption is maximized is at the point on the production function f(k) where the marginal product of capital (k) is equal to

A. n + d
B. n - d
C. s(n + d)
D. sa/(n + d)
E. sa/(n - d)

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The neoclassical growth model predicts conditional convergence for countries with the same population growth, level of technology, and

A. a higher savings rate B. a lower savings rate C. the same savings rate D. all of the above E. none of the above

In a neoclassical growth model in which a one-time advance in technology occurs we could expect

When current saving and investment are just enough to equip new entrants into the labor force with the same amount of capital that the average person already in the work force uses, then

In a neoclassical growth model, steady-state consumption is maximized when the marginal increase in the capital-labor ratio (k) produces just enough extra output per capita (y) that the marginal product of k is equal to

The golden-rule capital stock (k**) ensuring that steady-state consumption is maximized is at the point on the production function f(k) where the marginal product of capital (k) is equal to

A. a higher savings rate
B. a lower savings rate
C. the same savings rate
D. all of the above
E. none of the above