The notion that technological change is not random but instead is driven by the pursuit of profits is an essential element of
A) classical growth theory.
B) neoclassical growth theory.
C) the new growth theory.
D) perpetual growth theory.
C
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What happens to the absolute value of the marginal rate of substitution as you move down a convex (bowed toward the origin) indifference curve?
A) It could increase or decrease. B) It remains constant. C) It decreases. D) It increases.
The Bretton Woods exchange rate system was an example of a
A) target zone. B) managed float. C) pure gold standard. D) modified gold standard. E) floating exchange rate system.
Ensuring that high-quality public education is freely available to all children is one of the most important ways that a country can:
A. increase its stock of human capital. B. decrease its stock of human capital. C. decrease its productivity. D. increase its foreign direct investment.
The income effect of a wage increase is expected to increase
a. supply of labor. b. supply of goods and services. c. demand for leisure. d. demand for labor.