
Solow Model Quiz

Quiz
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Other
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University
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Easy
Hoa P
Used 5+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the Solow Model, _____________________ is a function of capital.
labor
output
technology
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Solow Model, capital is subject to _____________________. So as you add additional units of capital to other fixed resources, there comes a point where more capital does not increase output as much as it did before.
increasing returns
the endowment effect
diminishing returns
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Solow Model implies that countries with small initial capital stocks should grow rapidly. This implies that:
poorer countries should eventually 'catch-up' to richer countries (conditional convergence)
poorer countries are bound to experience explosive growth which will propel their economic output far beyond that of rich countries
the growth rates between rich and poor countries is bound to diverge
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Solow Model, when capital is depreciating faster than it is being accumulated we may conclude that the capital stock is _________________________.
rising
falling
remaining the same
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Solow Model, the point where investment is equal to depreciation is known as the ______________.
steady state
bliss point
growth acceleration point
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Japan's and Germany's economic growth after World War II are both examples of
Catching-up growth.
Cutting-edge growth.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Solow model is a simple model to explain
Economic growth.
Country differences.
Income inequality.
8.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For the next two questions, consider the following: Country A has K=10,000 and produces GDP according to the following equation: GDP=5√K. If the country devotes 25% of its GDP to making investment goods, how much is the country investing?
12.5
25
125
1,250
Can not be determined with the given information.
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If 1% of all machines become worthless every year (they depreciate, in other words) in Country A, GDP is
Increasing.
Decreasing.
In steady state.
Can not be determined with the given information.
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