The primary difference between the neoclassical growth model and endogenous growth models is that
a. the neoclassical growth model assumes that technology is exogenous.
b. endogenous growth models attempt to explain movements in technology within the model.
c. changes in savings rates can affect growth in the long-run in endogenous growth models.
d. both a and b.
e. all of the above.
E
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The entire group of buyers and sellers of a particular good or service makes up:
A. the market. B. the equilibrium price and quantity. C. the demand curve. D. the supply curve.
On average over the last century, the U.S. population has grown three times as fast as the U.S. real GDP.
Answer the following statement true (T) or false (F)
Which of the following is a goal of a welfare system?
A. To provide an incentive to leave the system B. To make recipients happy C. To stimulate economic growth D. To reduce the number of children born
Why do very small differences in annual growth rates amount to big differences in the degree of long-term economic growth?
A. because the faster-growing countries gain a political advantage over poorer countries, and use that advantage for their economic gain B. because the slower-growing countries save too much C. because the annual growth rate is compounded over time D. because the slower-growing countries don't export enough