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- 0.25 0.10 0.20 0.15 0.25 If your initial distribution of countries from lowest GDP to highest GDP is shown above, and you then estimate a Markov steady state and show that in the future, the distribution will look like this, you have evidence of what? 0.50 0.50 O Economic Convergence O Economic Divergence O Spatial Dependence O Temporal HomogeneityA key assumption in an endogenous growth model with both labour and capital inputs in the production function is that Multiple Choice O о о о O the share of capital is larger than the share of labour the share of capital and labour have to be equal better technology is a byproduct of more capital investment there are no external returns to capital long-run growth comes solely from technological progresshow does endogenous growth theory explain economic growth
- where H(0) = a# _ ]s(ß) Consider a simplified version of endogenous growth model discussed in the class. The growth rate is determined by: Region 1: For 0 se s$(1-m), s(B) 9t = H(8), + a' 1- Region 2 and 3: For (1- n) s 0 s 1, 9t = a#s(ß) %3D Note that s(B) Assume the following parameter values: 1+B° aH = 2, a² = 1, B = 1, 7 = 0.25 Q1: Suppose 0 = 0.25. Derive the economic growth rate. Q2: Suppose 0 = 0.5. Derive the economic growth rate. (Q3-Q5 will follow in the next page.)What is the AK model of Endogenous growth?What are the disadvantages/limitations of Endogenous growth theories
- How does endogenous growth theories provide a greater understanding of the process of economic growth?If Japan has 4.5% per capita growth in GDP, how many years will it take for the country to triple its per capita GDP? At what growth rate should the country targets if it aimed to double its per capita GDP in 8 years?Assume that a leader country has real GDP per capita of $80,000, whereas a follower country has real GDP per capita of $40,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 5 percent in the follower country. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country? Instructions: Enter your answer as a whole number. years
- Discuss population growth, resource consumption, and their consequencesWhat immediate consequence does an increase in education have in the endogenous growth model with human capital? What does it do in the long run?Let's explore what happens to the size of a population when it overshoots its carrying capacity. Sometimes, for a brief period of time, populations can exceed their carrying capacity. This can happen, for example, if food becomes a limiting factor; there may be a delay before reproduction declines, causing the population to exceed its carrying capacity briefly. 1. Assume that rmax is 1.0 and the carrying capacity is 2,000. Calculate the population growth rate when N= 2,100 and when N= 2,500 individuals. 2. If rmax is doubled, predict how the population growth rate will change for the two populations given in the previous problem. Then, calculate the population growth rate for the same two cases above, except this time assuming rmax is 2.0. 3. Sometimes after a population briefly exceeds their carrying capacity, there will be a drop in population numbers well below their carrying capacity before it begins increasing again. What is a possible explanation for the drop seen after…