A neoclassical growth model would predict that if the rates of both population growth and saving increase, then the steady-state capital-labor ratio will
A. increase
B. decrease
C. stay the same
D. temporarily increase, but then go back to its original level
E. most likely change but we cannot say for sure how
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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
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
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