Which one of the following statements about growth theories is correct?
A) In neoclassical growth theory, technological progress is the result of rapid increases in saving and investment in capital per person.
B) In classical growth theory, real GDP per person is unrelated to the subsistence wage rate.
C) In classical growth theory physical resources are unlimited.
D) In the new growth theory, knowledge is not subject to diminishing returns.
Correct Answer:
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