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ecChapter 8 - Chapter 8 Name Date 1 The efficiency of labor...

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Chapter 8 Name: __________________________ Date: _____________ 1. The efficiency of labor is a term that does not reflect the: A) high output that comes from labor cooperating with a large amount of capital. B) health of the labor force. C) education of the labor force. D) skills of the labor force acquired through on-the-job training. 2. The rate of labor-augmenting technological progress ( g ) is the growth rate of: 3. In a steady-state economy with a saving rate s, population growth n, and labor- augmenting technological progress g, the formula for the steady-state ratio of capital per effective worker ( k *), in terms of output per effective worker ( f ( k *)), is (denoting the depreciation rate by h ): A) sf ( k )/(h + n + g ). B) s /(( f ( k ))(h + n + g )). C) f ( k )/(( s )(h + n + g )). D) ( s f ( k ))/(h + n + g ). 4. In the Solow growth model with population growth and technological change, the steady-state growth rate of income per person depends on: 5. According to the Solow model, persistently rising living standards can only be explained by: 6. With population growth at rate n and labor-augmenting technological progress at rate g , the Golden Rule steady state requires that the marginal product of capital ( MPK ): A) net of depreciation be equal to n + g . B) net of depreciation be equal to the depreciation rate plus n + g . C) plus n be equal to the depreciation rate plus g . D) plus g be equal to the depreciation rate plus n . 7. In the Solow model with technological progress, the steady-state growth rate of output per effective worker is:
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