问一道题：NO.PZ201512020800000405 第5小题 [ CFA II ]

NO.PZ201512020800000405 问题如下 Victor Klymchuk, the chief economist ECONO Consulting (EC), is reviewing the long-term G growth of three countries over the recent ca. Klymchuk is interestein forecasting the long-term change in stomarket value for eacountry. Exhibit 1 presents current country characteristianhistoricinformation on selecteeconomic variables for the three countries.Exhibit 1. SeleCountry Factors anHistoricEconomic taKlymchuk instructs associate economist EC to assist him in forecasting the change in stomarket value for eacountry. Klymchuk remin the associate: Statement 1 “Over short time horizons, percentage changes in G, the ratio of earnings to G, anthe price-to-earnings ratio are important factors for scribing the relationship between economic growth anstoprices. However, I interestein a long-term stomarket forecast.” A client is consiring investing in the sovereign of Country A anCountry B anasks Klymchuk his opinion of eacountry’s cret risk. Klymchuk tells the client: Statement 2 “Over the next 10 years, I forecast higher potentiG growth for Country A anlower potentiG growth for Country The capitper worker is similanvery high for both countries, but per capita output is greater for Country A.” The client tells Klymchuk thCountry A will offer 50-yebon anthhe believes the bon coula goolong-term investment given the higher potentiG growth. Klymchuk respon to the client saying: Statement 3 After the next 10 years, I think the sustainable rate of economic growth for Country A will affectea growing share of its population over the age of 65, a clining percentage unr age 16, anminimimmigration.” The client is surpriseto learn thCountry a wealthy, oil-ricountry with significant reserves, is experiencing sluggish economic growth anasks Klymchuk for explanation. Klymchuk respon stating: Statement 4 “While countries with access to naturresources are often wealthier, the relationship between resourabunnaneconomic growth is not clear. My analysis shows ththe presenof a minant naturresour(oil) in Country C is constraining growth. Interestingly, Country A hfew naturresources, but is experiencing a strong rate of increase in per capita G growth.” Klymchuk knows thgrowth in per capita income cannot sustainepure capitepening. He asks the associate economist to termine how important capitepening is a sourof economic growth for eacountry. Klymchuk instructs the associate to use the ta proviin Exhibit 1. Klymchuk anhis associate bate the concept of convergence. The associate economist believes thveloping countries, irrespective of their particulcharacteristics, will eventually equvelopecountries in per capita output. Klymchuk respon follows: Statement 5 “Poor countries will only converge to the income levels of the richest countries if they make appropriate institutionchanges.” 5. Baseupon Statement 2, the fferenin per capita output between Country A anCountry B is most likely e to fferenin: A.capitepening B.capitper worker. C.totfactor proctivity. C is correct. The higher per capita output for Country A is most likely e to fferences m the cumulative impaof technologicprogress emboein totfactor proctivity. Technologicprogress raises the proctive capacity of a country Technologicprogress causes upwarshift in the entire proction function, resulting in higher output per worker for a given level of capitper worker.考点 Output per worker解析Growth rate of labor proctivity= Growth rate of TFP+ Growth rate of capitepening人均G的增长有两个来源，一个是技术的进步，一个是资本深化。题目要求我们依据 Statement 2进行判断（不需要再看上面的表格）， Statement 2说了 capitper worker对于两国都是一样的，而且很高，这就说明人均G的差异只能来自于技术的不同。 Labor Proctivity=（△y/y）=Output per worker=Per Capita output这个公式对吗？

capitepening 和 captitper worker 在公式上是否相同？是否都是 K/L?    

    这里题目中的per capitoutput是什么意思，是指y吗？这里用到的公式是y=T*k^(alpha)吗？

    这题是不看上面的图片，只看这一句话得出的结论吗》？

    表中，a国家的人均产出，明显贡献最大的是资本深化，b国家对人均产出贡献中，资本深化和科技进步是一样的占比，那么a和b国家的人均产出比较，应该是a国家的资本深化贡献更大吧