vu cs501 Mid Term Subjective Solved Past Paper No.2
vu cs501 Advance Computer Architecture Solved Past Papers
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Exogenous Growth Theory
The major conclusions derived from the exogenous growth are as follows:
The steady growth rate of real GDP depends on exogenous rates of growth of population (n) and technology (t). There are no policies for government for how to affect the steady growth rate of a country. Higher savings can only have a little effect on income it cannot cause long term growth because savings cause diminishing returns to investment and capital accumulation.
If one country started with lower income and capital than another country, the poorer country will grow faster to catch up the richer country and then both the countries will grow together.
EXCHANGE RATE:
Rate at which one currency may be converted into another. The exchange rate is used when simply converting one currency to another (such as for the purposes of travel to another country), or for engaging in speculation or trading in the foreign exchange market. There are a wide variety of factors which influence the exchange rate, such as interest rates, inflation, and the state of politics and the economy in each country.also called rate of exchange or foreign exchange rate or currency exchange rate.
EXAMPLE:
An exchange rate of 123 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 123 is worth the same as USD 1.
1. Marginal physical product is equal to average physical product.
2. Marginal physical product is above the average physical product.
3. Marginal physical product is below the average physical product.
2. The average physical product will also increase.
3. The average physical product will also fall
According to Hechshcer-Ohlin suppose we are given two countries one abundant in labour and one abundant in capital and a labour-intensive good and a capital intensive good, the labour abundant country will have comparative advantage in the production of the labour-intensive good while the capital abundant country will have comparative advantage in the capital-intensive good.
So the determinants of comparative advantage among countries according to Hechshcer-Ohlin is capital goods and labour intensive goods.
Critics argued that comparative advantage can and should be viewed in a dynamic (time-varying) sense, and that it was not wise to rule out the possibility of Pakistan developing comparative advantage in cars at some future point in time.
Consequent:
The major criticism leveled against Hechscher-Ohlin type trade theories are that they views comparative advantage in an essentially static sense; i.e. if Pakistan is better at producing cotton and Japan better at producing, then this situation will always prevail.
