In classical growth theory, if real GDP per person is above the subsistence level,
A) technological growth occurs and keeps real GDP per person above its subsistence level.
B) population grows and lowers real GDP per person to its subsistence level.
C) the pursuit of profit will cause economic growth to accelerate.
D) the economy will keep growing without limit.
E) None of the above is correct because the classical growth theory asserts that real GDP per person can never exceed the subsistence level.
Correct Answer:
Verified
Q124: To measure the change in the standard
Q125: Hong Kong is an example of an
Q126: Which of the following policies encourages economic
Q127: The new growth theory was developed by--------------------and
Q128: If the U.S. population grew at a
Q130: One possible way of achieving faster economic
Q131: The fastest growing nations today
A)have erected many
Q132: Which of the following theories predicts that
Q133: Labor productivity is equal to the quantity
Q134: One way to achieve faster growth in
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