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, physical resources are unlimited.
C) In classical growth theory, real GDP per person is unrelated to the subsistence real GDP.
D) In the new growth theory, knowledge is not subject to diminishing returns.
Correct Answer:
Verified
Q116: Economic growth is measured by
A)changes in real
Q117: An increase in the population and hence
Q118: According to the new growth theory,
A)the labour
Q119: On- the- job- training is an example
Q120: Potential GDP per labour hour can increase
Q122: A higher saving rate leads to faster
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents