According to new growth theory, the primary source of growth is:
A. capital.
B. government intervention in the market place.
C. entrepreneurship.
D. technology.
Answer: D
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A single-price monopoly has the demand and marginal cost schedules given in the above table. What is the profit-maximizing level of output and price?
What will be an ideal response?
If the price of potatoes is reduced, consumers likely buy
A. significantly more potatoes. B. significantly fewer potatoes. C. roughly the same quantity of potatoes. D. an unknown quantity of potatoes; in this situation, consumers’ actions cannot be predicted.
How does the form that government spending takes affect resource allocation between public goods and private goods?
The exchange rate is
a. the rate at which goods will exchange for each other in the international market b. the number of units of one currency required in exchange for one unit of another currency c. the number of units of one currency required in exchange for one unit of another countries' good d. established by the ratio of the values of currency to goods e. set by each individual country, which is why we have deficits and surpluses on current account