An increase in the rate of saving (s) could lead to an increase in the rate of growth of output

Policies that would only lead to a one-time increase in the level of output could lead to a permanent increase in the rate of output growth.

The economy would not converge to a unique steady state capital to effective labour ratio.

The golden rule rate of saving would be zero.

A: non-rivalrous B: non-excludable

A: non-rivalrous B: excludable

A: rivalrous B: non-excludable

A: rivalrous B: excludable

cycles of economic expansion and contraction

variations in fertility across generations.

major innovations followed by imitation and further improvements

alternating historical periods of economies and diseconomies of scale.

unions demand improved working conditions

unions have a stronger preference for high wages than low unemployment

unions have a stronger preference for reducing unemployment than increasing wages

employers offer to pay higher wages for longer hours of work

more elastic because demand is heterogeneous

less elastic because demand is heterogeneous

more elastic because of the possibility of moving between being out of the labour force and being in the labour force

less elastic because of transitions between being out of the labour force and being in the labour force