Classical growth theory predicts
A) a slowdown in population growth over time.
B) sustained increases in economic growth in the long run.
C) sustained increases in the standard of living in the long run.
D) real GDP per person will remain at the subsistence level over time.
E) the population growth rate slows as real GDP per person rises.
D
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If the Fed wishes to decrease the money supply it could
a. decrease the discount rate. b. decrease reserve requirements. c. sell government securities on the open market. d. Do any of the above.
Which of the following statements is not correct?
a. Fixed costs are constant. b. Variable costs change as output changes. c. Average fixed costs are constant. d. Average total costs are typically U-shaped.
Marginal cost increases as the quantity of output increases. This reflects the property of
a. increasing total cost. b. diminishing total cost. c. increasing marginal product. d. diminishing marginal product.
Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks. According to the criteria of independence of irrelevant alternatives that preference should ________ even if a third option not likely to win, like a public zoo, is included in the vote.
A. change to the median B. change to the majority C. stay the same D. change to the average