Neoclassical growth theory assumes that technological progress
A) is determined by investment.
B) is determined by saving.
C) responds to economic incentives.
D) is a purely chance event.
D
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Schumpeter asserts all of the following except
(a) A strong middle class fosters growth in society's entrepreneurial base. (b) Entrepreneurs are the leading force behind technological advancement. (c) Invention and innovation are unnecessary in a growing economy. (d) Secured property rights encourage risk-taking entrepreneurial behaviors.
Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:
A. price elastic. B. price inelastic. C. income elastic. D. income inelastic.
When investment exceeds planned investment, aggregate planned expenditure is __________ than actual aggregate expenditure and inventories are __________ than planned
a) greater; greater b) greater; less c) less; greater d) less; less
In the United States, which of the following is an example of a government-inhibited good?
A) museums B) movies C) cocaine D) sports stadiums