7 Questions
What are the two main factors that contribute to GDP per capita differences between the richest and poorest countries?
Capital per person and TFP
In the Solow model of capital accumulation, what does endogenous capital accumulation mean?
Capital is determined within the model itself
In the context of the Solow model, what does Robert Solow study as an engine for economic growth?
Physical capital accumulation
What is the research question posed regarding capital accumulation and sustainable income per capita growth?
Can capital accumulation alone maintain sustainable income per capita growth?
Which model was developed by Robert Solow in the 1950s to study capital accumulation's role in long-run economic growth?
Solow Model
What aspect of economic growth does the Solow model primarily focus on?
Long-run steady-state levels of GDP per capita
What does the term 'income convergence' refer to in the context of poorer countries catching up with richer countries?
'Poor countries' economies becoming aligned with 'rich countries'
This quiz explores the comparison between the Solow Model and real-world data in terms of long-run growth rates. Topics include income convergence, long-run GDP levels, and the limitations of the Solow Model in explaining growth rates over time.
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