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Questions and Answers
What are the two main factors that contribute to GDP per capita differences between the richest and poorest countries?
What are the two main factors that contribute to GDP per capita differences between the richest and poorest countries?
- Labor force participation and education levels
- Exchange rates and trade policies
- Capital per person and TFP (correct)
- Government spending and inflation rates
In the Solow model of capital accumulation, what does endogenous capital accumulation mean?
In the Solow model of capital accumulation, what does endogenous capital accumulation mean?
- Capital is predetermined and constant
- Capital is influenced by external factors only
- Capital is determined within the model itself (correct)
- Capital is not a factor in economic growth
In the context of the Solow model, what does Robert Solow study as an engine for economic growth?
In the context of the Solow model, what does Robert Solow study as an engine for economic growth?
- Natural resource availability
- Total factor productivity
- Physical capital accumulation (correct)
- Labor force participation
What is the research question posed regarding capital accumulation and sustainable income per capita growth?
What is the research question posed regarding capital accumulation and sustainable income per capita growth?
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Which model was developed by Robert Solow in the 1950s to study capital accumulation's role in long-run economic growth?
Which model was developed by Robert Solow in the 1950s to study capital accumulation's role in long-run economic growth?
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What aspect of economic growth does the Solow model primarily focus on?
What aspect of economic growth does the Solow model primarily focus on?
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What does the term 'income convergence' refer to in the context of poorer countries catching up with richer countries?
What does the term 'income convergence' refer to in the context of poorer countries catching up with richer countries?
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