Using the information in this chapter, label each of the following statements tr

Question

Using the information in this chapter, label each of the following statements true, false, or uncertain. Explain briefly

(please skip e)

d. In virtually all the countries of the world, output per per- son is converging to the level of output per person in the United States. e. For about 1,000 years after the fall of the Roman Empire. there was essentially no growth in output per person in Europe because any increase in output led to a proportional increase in population. Capital accumulation does not affect the level of output in the long run, only technological progress does. f.

Explanation / Answer

Ans:

d) False

All developed countries have similar GDP per capita and began with high output per person showing clear evidence of convergence.The signs of convergence is also found in many asian countries. As compared to african countries asian countries have increased their average output per person up to 65% of the U.S. level.

F) True

In the short run capital accumulation will affect the level of output and has a result of decreasing returns to scale capital accumulation will not affect the level of output in the long run.However, the increase in the technology will have its affect on the long run level of output.

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