In new growth theory, growth in real GDP per person occurs because
i. human capital grows indefinitely.
ii. technology advances as a result of choices individuals make.
iii. profit incentives encourage technological change.
A) i only B) ii only C) iii only D) both i and iii E) i, ii, and iii
E
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According to the Application, as new products are constantly invented and introduced on the market,
A) the bias in the CPI can be large. B) the bias in the CPI will eventually disappear. C) the bias in the CPI will remain virtually unchanged. D) the bias in the CPI tends to become smaller.
Two goods are considered substitutes when the cross elasticity of demand is ___ and complements when the cross elasticity of demand is ___
a. Greater than zero, less than zero. b. Less than zero, greater than zero. c. Greater than one, less than one. d. Less than one, greater than one.
Which of the following describes a situation in which demand must be elastic? a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent
b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent. d. Total revenue increases by $15 when the price of corn dogs rises by $15. e. Total revenue increases by more than $15 when the price of corn dogs rises by $15.
Vertical
What will be an ideal response?