Question

In: Economics

3.?Identify whether the following would tend to increase (I) or decrease (D) economic growth, all other...

3.?Identify whether the following would tend to increase (I) or decrease (D) economic growth, all other things equal. (25 points)
Defense of intellectual property rights
Decreased expenditures on education
Advancement in technology
Better worker health
Decreased infrastructure
4.?Answer True or False for each of the following. 4 pts each
The savings rate of American households has been higher recently than in the late 1990s.
In some less developed countries GDP grows more slowly than population does.
Net domestic investment has been greater than net national savings for some time.
?Robert Solow identified capital as the major source of economic growth.
?Malthus says there is a tendency for population to rise faster than production, causing famine.
?Most economists support the government establishing the “rule of law”.
Infrastructure refers to the quantity of production facilities an economy has.
More capital in quantity moves us along the production function while better quality raises it.
The US is a high savings high investing country compared to other developed countries.
High population growth is generally associated with higher growth in GDP per capita.

Solutions

Expert Solution

3.

Defense of intellectual property rights - Increase economic growth
Explanation: When there is a defense of intellectual property rights in a country, firms increase investments in R&D which helps in innovation and economic growth.

Decreased expenditures on education - Decrease economic growth

Explanation: When there is a decrease in expenditures on education, there will be less growth in human capital. Human capital is an essential input for economic growth.

Advancement in technology - Increase economic growth

Explanation: Advancement in technology helps in producing more output with the given level of inputs. This increases economic growth.

Better worker health - Increase economic growth

Explanation: Better worker health improves labor participation in an economy. Also, this improves the productivity of workers. These result in higher economic growth.

Decreased infrastructure - decrease economic growth

Explanation: Infrastructure helps in producing output. Decreased infrastructure reduces productivity and output, which deters economic growth.

Rahul Sunny answered 2 years ago
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