Endogenous growth theory supports the conclusion that ________
A) government spending cannot influence the level of research and development
B) increased government spending on research and development is counterproductive
C) per capita income growth is a function of real factors, such as the supply of money
D) increased government spending on research and development is useful
D
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Fill in the blank for the following: GDP is the value of all ________ produced in a given period
A) final and intermediate goods and services produced by the private sector only B) final goods and services C) final and intermediate goods and services, plus raw materials D) all of the above E) none of the above
After the 1960s, the short-run Phillips curve based on U.S. economic data: a. began shifting inward
b. began shifting outward. c. did not shift at all. d. became virtually horizontal. e. became virtually vertical.