Over the past 50 years in the United States:
A) output per worker hour, capital stock per worker hour, the real wage, and the real rental price of capital have all increased about 2 percent per year.
B) output per worker hour and the real wage have both increased about 2 percent per year, whereas capital stock per worker hour has increased faster and the real rental price of capital has remained about the same.
C) output per worker hour, the real wage, and the real rental price of capital have all increased about 2 percent per year, whereas capital stock per worker hour has increased faster.
D) output per worker hour, the real wage, and capital stock per worker hour have all increased about 2 percent per year, whereas the real rental price of capital has remained about the same.
Correct Answer:
Verified
Q3: In a steady-state economy with population growth
Q4: According to the Solow model, persistently rising
Q6: In the Solow growth model with population
Q7: The efficiency of labor:
A) is the marginal
Q8: In the Solow growth model, the steady-state
Q9: The balanced growth property of the Solow
Q13: In the Solow model with technological change,
Q14: The efficiency of labor is a term
Q19: With population growth at rate n and
Q20: The rate of labor-augmenting technological progress (g)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents