According to Table 5 and Table 6, which one of the following conclusions is correct? (Check all that apply, two correct answers.) The region has suffered from high volatility of growth compared to other regions of the world. Because all oil producing countries have done worse than non-oil producing countries, the theory that oil is the source of all problems of the region may be a valid explanation for the economic performance of the region. O In general, growth in the region decreased from 1960 to 2000. O The region has always suffered from low growth rates, compared to other regions of the world.
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- The figure shows the relationship between the Gini coefficient and annual average GDP per capita growth. Which of the following is a likely factor that drives economic growth? 3.0 High performers Luxembourg Line drawn arbitrarily 2.5 Norway Austria Finland 2.0 • UK Belgium • Germany France US Sweden Netherlands Canada Australia Italy 1.5 Denmark Low performers 1.0 Switzerland 0.5 0.0 0.20 0.25 0.30 0.35 0.40 Long-term average inequality in disposable income (Gini coefficient) O Very unequal societies spend comparatively large amounts on creating and maintaining secure environments for the well-off. These resources would have higher productivity if redeployed elsewhere. O Cheap labour. O High levels of cooperation and trust. O Policies that enhance the endowments of the poor (e.g. education and health services) may have a greater impact on productivity than pecuniary incentives. Annual average GDP per capita growth, 1970-2012 (%)0.25 0.10 0.20 0.15 0.25 If your initial distribution of countries from lowest GDP to highest GDP is shown above, and you then estimate a Markov steady state and show that in the future, the distribution will look like this, you have evidence of what? 0.50 0.50 O Economic Convergence O Economic Divergence O Spatial Dependence O Temporal HomogeneityYear 1960 1980 Argentinal 2018 $5,643 Percentage of Real GDP per 1960 2018 capita real real (2010 GDP GDP dollars) per per capita capita 7,908 ? 2000 8,224 ? The accompanying table shows data from the World Bank, World Development Indicators, for real GDP per capita in 2010 U.S. dollars for Argentina, Ghana, South Korea, and the United States for 1960, 1980, 2000, and 2018. 10,044 ? ? ? ? C Ghana Real GDP per 1960 capita real (2010 GDP dollars) per Percentage of 881 $1,056 ? 952 capita ? ? 1,807 ? 2018 real GDP per capita ? ? ? 2. South Korea Real GDP per capita (2010 dollars) $944 Percentage of 15,105 1960 real GDP per capita ? 3,700 ? ? 26,762 ? 2018 real GDP per capita ? ? ? ?
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- Using production function Y = K1/2 1/2 and using the information below: Relative to US column 1 column 2 column 3 column 4 column 5 Capital per Person per capita GDP Capital per person per capita GDP predicted y 1 141841 51958 1 1 US Indonesia 41044 9797 Calculate values for columns 5 and 6. O0.53, 0.35 0.28, 0.3 0.07, 0.28 O 0.03, 0.09 column6 Implied TFPWhat are the disadvantages/limitations of Endogenous growth theoriesSweden and Norway are two neighboring countries in Northern Europe with similar savings rates, population growth rates, technology growth rates, and depreciation rates. However, Norway differs from Sweden in that Norway has large deposits of oil all along its coast, which makes it very easy for Norway to produce large quantities of crude oil every year with relatively little capital and labor. a) Draw a Solow Growth diagram that compares Sweden and Norway. What is the main difference between the two countries in the diagram? b) According to the Solow Growth Model, which country would have a higher standard of living in the long run? Which country would have a higher growth rate of its standard of living in the long run? c) Suppose now that, in the long run, oil becomes obsolete and has no value because it is uneconomical relative to renewable energy sources like solar and wind power. What would this do to your Solow Growth diagram in part a? How would the standard of living in Norway…