American economic history actually is a study of
(a) stable population growth.
(b) how colonial Americans worked side-by-side with the natives to produce
stable economic growth and wealth for all individuals.
(c) how a small, inconsequential economy grew into a giant economy
through a series of successes and failures.
(d) how people in other countries created problems for colonial Americans
of the past as well as U.S. citizens of today.
Question 2
If output per worker in a steady state is 30,000, depreciation is 13, the population growth rate is two percent, and the saving rate is 20, what is the steady state capital-labor ratio?
A) 10,500
B) 85,714
C) 22,500
D) 40,000
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