1. An economy is in a steady state. The government would like to institute a policy that raises long-runliving standards. Give two policy recommendations that would raise long-run living standards of theeconomy and explain how each policy would impact the Solow growth model.2. How is the steady-state level of capital-labor ratio (k*) reached in an economy? Be sure to discuss whenlevels of capital-labor ratio that are both above and below the steady-state level.3. What is endogenous growth theory? Why was this new branch of growth theory developed?
This question was answered on: Sep 21, 2023
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