NO.PZ2024092001000020
问题如下:
The impact from investment spending on a country's GDP growth rate is:
选项:
A.independent from the size of the existing physical capital stock.
B.larger when the country's existing physical capital stock is small. C.larger when the country's existing physical capital stock is large.解释:
A Incorrect
as the impact of investment spending on available capital depends on the
existing physical capital stock–the smaller the existing capital stock of a
country, the larger the impact on its economic growth rate.
B Correct because although diminishing marginal productivity will eventually limit the
impact of capital deepening, investment-driven growth may last for a
considerable period, especially in countries that start with relatively low
levels of capital per worker. Moreover, the impact of investment spending on
available capital depends on the existing physical capital stock. As with the
share of GDP devoted to investment, the stock of capital available per worker
varies significantly across countries. The wide difference in physical capital
per worker suggests that the positive impact of changes in the physical capital
stock on growth is very significant in developing countries. Mexican workers
have relatively little access to machinery or equipment, so adding even a
little can make a big percentage difference. In developed countries, such as
the United States, Japan, Germany, France, and the United Kingdom, the physical
capital stock is so large that positive net investment in any given year has
only a small percentage effect on the accumulated capital stock. For the
developed countries, a sustained high level of investment over many years is
required to have a meaningful relative impact on the physical capital stock
even though the absolute size of the increase in any given year is still larger
than in the developing countries.
C Incorrect because in
developed countries, such as the United States, Japan, Germany, France, and the
United Kingdom, the physical capital stock is so large that positive net
investment in any given year has only a small percentage effect on the
accumulated capital stock.
