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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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
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
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
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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