Roughly how many years will it take a country that grows at an average rate of 2% per year to double the size of its GDP?
A. 100
B. 50
C. 35
D. 20
E. 15
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If two countries have the same share of investment to GDP, the one that experiences a faster growth rate is most likely the one that
A. emphasizes free market policies and encourages foreign trade
B. protects domestic industry from foreign competition with trade barriers
C. invests less in government infrastructure
D. has a higher share of government spending to GDP
E. has more government regulations and spends more funds to protect the environment
Countries with higher saving rates may have higher equilibrium growth rates since
A. people who save more also are more industrious
B. higher income allows for more savings
C. a higher saving rate allows for more investment in human capital which ultimately enhances economic growth
D. having more capital equipment is more important than having better capital equipment
E. none of the above
A production function with constant returns to scale for capital alone implies that
A. there are increasing returns to scale for all factors of production taken together
B. if all inputs are doubled then output will more than double
C. smaller firms are more efficient than larger firms
D. technological advances cannot take place
E. both A) and B)
If we have an aggregate production function of the form Y = aK, at what capital-labor ratio can a steady-state equilibrium be reached?
A. k = sa - (n + d)
B. k = sa + (n - d)
C. k = sa/(n + d)
D. k = ay/(n + d)
E. never
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