Which theory of economic growth concludes that in the long run real GDP per person will be at its subsistence level?

A) the classical theory
B) the neoclassical theory
C) the new growth theory
D) all of the theories


A

Economics

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Which of the following is a main characteristic of exchanges in the market system?

A) Decisions to trade are based on individuals' self interest. B) Exchanges are highly regulated by the government. C) Sellers hire economists to determine the market clearing price. D) Exchanges are part of the legislative imperative.

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Describe the difference between the short run and the long run

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If individual firms face a horizontal demand curve at a given market price:

A. price is equal to average total cost. B. price is equal to marginal cost. C. price is equal to marginal revenue. D. price is equal to average variable cost.

Economics