In the steady state of Solow's exogenous growth model, an increase in the growth rate of labor force
A) increases output per worker and increases capital per worker.
B) increases output per worker and decreases capital per worker.
C) decreases output per worker and increases capital per worker.
D) decreases output per worker and decreases capital per worker.
D
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The measure of GDP which effectively updates the prices for the base year each year and reduces the errors from changes in relative prices and the introduction of new goods and services is called the
A) nominal GDP. B) real GDP. C) deflated GDP. D) chain-weighted GDP.
The group that benefited most from the bailout of General Motors and Chrysler was nonunion workers
Indicate whether the statement is true or false
The satisfaction or pleasure one gets from consuming a good or service is called:
A. price. B. preferences. C. consumption. D. utility.
Refer to the graphs shown, which depict a perfectly competitive market and firm in a constant-cost industry. If market demand decreases from D0 to D1, in the long run:
A. some firms will exit this market and the price will return to P0. B. new firms will enter this market and the price will remain at P1. C. new firms will enter this market and the price will return to P0. D. some firms will exit this market and the price will remain at P1.