Answered: orrect statement about economic growth…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Choose the correct statement about economic growth theories.

Modern-day Malthusians point to global warming and climate change as reasons to believe that eventually real GDP per person will decrease.

Classical growth theory tells us profit is the spur to technological change.

According to new growth theory, growth occurs because knowledge and physical capital do not experience diminishing returns.

New growth theory is sometimes called Malthusian theory.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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