What characteristic of the endogenous growth model is crucial in giving the possibility of sustained growth?
A) It is embodied in people.
B) It has constant returns to scale in production.
C) It takes time to accumulate it.
D) It grows at the same rate as consumption.
B
You might also like to view...
John has to choose between a camping holiday and a holiday in Las Vegas. If he evaluates the total net benefit of both alternatives before coming to a decision, he is using the technique of:
A) ordinal analysis. B) optimization in levels. C) optimization in differences. D) marginal analysis.
In the production of goods and services, trade—offs exist because
A) not all production is efficient. B) society has only a limited amount of productive resources. C) buyers and sellers often must negotiate prices. D) human wants and needs are limited at a particular point in time.
When the cross-price elasticity of demand for two goods is a positive number, one can correctly conclude that:
a. the goods are normal goods. b. the goods are inferior goods. c. the goods are substitutes. d. the goods are complements. e. total revenue will increase when the price increases.
In a graph of choice sets, a price change causes the slope of budget lines to change.
Answer the following statement true (T) or false (F)