Question: please answer with explanation Based on a 1999 study by Hall and Jones, assume that returns to education are as follows: 13.4% per year for

please answer with explanation

please answer with explanation Based on a 1999
Based on a 1999 study by Hall and Jones, assume that returns to education are as follows: 13.4% per year for the first four years of schooling; 10.1% per year for the next four years of schooling; and 6.8% per year for education beyond eight years. Now suppose we are comparing two countries, i and j. The two countries are similar in every respect except the education of their population. In country i, all adults have 12 years of schooling. In country j, all adults have 3 years of schooling. What is the ratio of output per worker in steady state in the two countries (ratio of country i to country j)? Select one: O a. Approximately 1.68 O b. Approximately 3.47 O c. Approximately 5.39 O d. Approximately 8.97 O e. Approximately 2.51Based on a 1999 study by Hall and Jones, assume that returns to education are as follows: 13.4% per year for the first four years of schooling; 10.1% per year for the next four years of schooling; and 6.8% per year for education beyond eight years. Now suppose we are comparing two countries, i and j. The two countries are similar in every respect except the education of their population. In country i, all adults have 12 years of schooling. In country j, all adults have 3 years of schooling. What is the ratio of output per worker in steady state in the two countries (ratio of country i to country j)? Select one: O a. Approximately 1.68 O b. Approximately 3.47 O c. Approximately 5.39 O d. Approximately 8.97 O e. Approximately 2.51

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!