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Chapter 20: Q 18. (page 496)
What is capital deepening?
capital deepening in simple terms is the rise in capital-labor ratio.
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An economy starts off with a GDP per capita of $5,000. How large will the GDP per capita be if it grows at an annual rate of 2% for 20 years? 2% for 40 years? 4% for 40 years? 6% for 40 years?
Are there other ways in which we can measure productivity besides the amount produced per hour of work?
What do the growth accounting studies conclude are the determinants of growth? Which is more important, the determinants or how they are combined?
Use an example to explain why, after periods of rapid growth, a low-income country that has not caught up to a high-income country may feel poor.
Change in labor productivity is one of the most-watchedinternational statistics of growth. Visit the St.Louis Federal Reserve website and find the data section (http://research.stlouisfed.org). Find international comparisons of labor productivity, listed under the FRED Economic database (Growth Rate of Total Labor Productivity), and compare two countries in the recent past. State what you think the reasons for differences in labor productivity could be.
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