Project Description:

are these statements true, false or uncertain? explain your answers
1. writing the production function in terms of capital and effective labor implies that as the level of productivity increase by 10%, the number of workers required to achieve the same level of output decrease by 10%.
2. if productivity growth increases, the investment rate (ratio of investment to output) must increase in order to keep capital per effective worker constant.
3. in steady state, output per effective worker grows at the rate of population growth
4. in steady state, output per worker grows at the rate of productivity change.
5. a higher saving rate implies a higher level of capital per effective worker in the steady state and
thus a higher rate of growth of output per effective worker.
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