One of the shortcomings of the Solow model is that it
A) treats technological change as freely available to all countries.
B) does not treat technological change as freely available to all countries.
C) treats technological change as an endogenous variable.
D) treats technological change as the only source of economic growth.
A
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A monopoly's economic profits are represented by
a. [price minus marginal cost] times number of units sold. b. [price minus average cost] times number of units sold. c. [marginal revenue minus price] times number of units sold. d. [marginal cost minus price] times number of units sold.
Economic profits are calculated as:
A. total revenue minus implicit costs. B. total revenue minus all opportunity costs, explicit and implicit. C. total revenue minus explicit costs. D. None of these is true.
Most economists believe that convergence of GDP per capita ________ between developed nations and ________ between developing and developed nations.
A. has occurred; has occurred B. has not occurred; has occurred C. has occurred; has not occurred D. has not occurred; has not occurred
Among the liabilities of a bank are its
A) transaction deposits. B) total reserves. C) excess reserves. D) loans.