For each of the economic changes listed in (a) and (b), assess the likely impact on the
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For each of the economic changes listed in
(a) and (b), assess the likely impact on the growth rate and the level of output over the next five years and over the next five decades.
a. A permanent reduction in the rate of technological progress.
b. A permanent reduction in the saving rate.
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a A Permanent Reduction in the Rate of Technological Progress ShortTerm Next Five Years Growth Rate The shortterm growth rate is likely to decrease Te...View the full answer
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