According to classical growth theory, when real GDP per person ________, the population grows
A) is less than the subsistence real income
B) is less than capital per hour of labor
C) is constant
D) exceeds the subsistence real income
E) exceeds capital per hour of labor
D
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Computer memory chips are produced on wafers, each wafer having many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips
If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? A) 0 B) 4 or 5 C) 3 or 4 D) 1 or 2 E) 6
A marginal change is a small incremental adjustment to an existing plan of action
a. True b. False Indicate whether the statement is true or false
Graphically illustrate and explain the effects of an increase in the saving rate on the Solow growth model. In your answer, you must clearly label all curves and the initial and final equilibria. In your answer, explain what happens to the rate of growth of output per worker and the rate of growth of output as the economy adjusts to this increase in the saving rate
What will be an ideal response?
A typical capital gain is experienced by
A. holding government bonds. B. only investment bankers. C. holding stock of large corporations. D. selling stock or a mutual fund.