Exam 5: Conditional Convergence and Long-Run Economic Growth

An example of a non-rival good is:

In the key equation for convergence , k* is:

To encourage firms to engage in research and development (R&D), governments grant temporary monopolies in the production of the goods that result from R&D called:

What happens when exogenous technological change is modeled in the Solow growth model?

In the Solow growth model transition, the growth rate of capital per worker is negatively related to:

In the Solow growth model transition, the growth rate of output per worker is negatively related to:

The rewards to private R&D depend on:

What are the steady-state growth results of a constant average product of capital model of growth and what are the problems of such a model?

The key equation for conditional convergence for output per worker is:

In the Solow growth model with technological progress,

The ability to control the inventions from R&D spending is known as

Convergence can be seen in the data of all countries together if one holds constant:

The rewards to private R&D are positively related to:

A business may not seek a patent on an idea or invention because:

With steady state growth:

A problem with the constant average product of capital growth model is that:

In the key equation for convergence , k(0) is:

Ideas are rival goods.

If sA > s + n in the model with constant average product of capital, the long run growth rate is:

An example of a non-rival good is: