Q1: Why is measuring productivity more difficult than measuring output, physical capital, labor, and human capital?
Q2: List and briefly define the five types of inefficiency.
Q3: Why and how might education have externality effects?
Q4: Countries A and B have the same rates of investment, population growth, and depreciation. They also have the same levels of income per capita. Country A has a higher rate of growth than does Country B. According to the Solow model, which country has higher investment in human capital?
Explain your answer.
Q5: a) How does technological progress differ from the accumulation of factors of production as a source of economic growth?
(b) What does it mean to say that technology is nonrival? What does it mean to say that technology is often nonexcludable?
(c) What factors influence a firm’s decision to engage in R&D?
Q6: Why will population aging over the next several decades have different economic effects in developed and developing countries?
Q7: (a) Why is health considered an element of human capital?
(b) How does human capital in the form of health differ from human capital in the form of education?
(c) Why and how might education have externality effects?
Q8: The data on human capital we discussed in class measured the number of years of schooling attained by members of each country’s working-age population. However, countries differ in the number of days of school that make up a school year. Rich countries tend to have more days in their school years than do poor countries. Suppose that instead of data on school years, we used data on school days.
Q9: (a) What are the short-run effects of an economy’s devoting more resources to R&D?
(b) What are the long-run effects?
(c) How does the effect of raising the fraction of resources devoted to R&D differ in a follower country compared with a leading country?
(d) Why are the effects different?
Q10:
Q11: a) Why is the technology production function characterized by decreasing returns to scale?
(b) Given that technological progress proceeds at different speeds in different sectors of the economy, what implications do these differences have for the growth rate of aggregate output?
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