ECO 3200 Ch 3 test bank - ECO3200 Intermediate...

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ECO3200 Intermediate Microeconimics Ch 3: An Overview of Long Run Economic Growth After graduating college, you start a job making $40,000. Your earnings grow at a constant growth rate of 3% per year. When you retire 40 years later, you are earning approximately : 130,000. If y= 40k, growth rate = .03, t = 40 A country that, since 1980, has shown convergence to the United States is China.
If a variable is growing at a positive constant rate, when plotted on a ratio
If population and GDP are growing at the same rates then per capita GDP
If population doubles every 35 years, then the growth rate of population is 2%.
If Y = AK 1/3 L 2/3 and A grows at a rate of 1% per year, K grows at a rate of negative 3% per year and L grows at a rate of 3% per year, then the growth
In the last three hundred years, the standards of living between the richest

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