ECON5002_Macroeconomics_2007 Semester 2_Answers to Practice Questions Ch12_13.docVIP

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ECON5002_Macroeconomics_2007 Semester 2_Answers to Practice Questions Ch12_13.doc

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ECON5002_Macroeconomics_2007Semester2_AnswerstoPracticeQuestionsCh12_13ECON5002_Macroeconomics_2007Semester2_AnswerstoPracticeQuestionsCh12_13

ECON5002 Macroeconomics ANSWERS TO PRACTICE QUESTIONS From Blanchard Sheen (2004) Chapters 12, 13 Chapter 12 Questions and Problems 1.?Using the information in this chapter, label each of the following statements true, false, or uncertain. Explain briefly. a. Writing the production function in terms of capital and effective labour implies that as the level of technology increases by a certain percentage, the number of workers required to achieve the same level of output decreases by the same percentage. b. If the rate of technological progress increases, the investment rate (the ratio of investment to output) must increase in order to keep capital per effective worker constant. c. In steady state, output per effective worker grows at the rate of population growth. d. In steady state, output per worker grows at the rate of technological progress. e. A higher saving rate implies a higher level of capital per effective worker in the steady state, and thus a higher rate of growth of output per effective worker. f. Even if the potential returns from RD spending are identical to the potential returns from investing in a new machine, RD spending is much riskier for firms than investing in new machines. g. The fact that one cannot patent a theorem implies that private firms will not engage in basic research. h. The slowdown in technological progress since the 1970s seems to be driven by the widespread decline in RD spending in most industrialized countries. i. In the future, Singapore and Hong Kong are likely to grow at roughly the same rate.. Answers a. True. The production function Y = F(K,AN) implies that an x% decrease in N can be compensated by an x% increase in A to yield the same Y, given K. b. True. The steady-state capital per effective worker falls when there is an increase in technological progress given the same saving rate. In order to return the economy to the original steady-state point, the saving rate (= investment rate) needs to increase