If this quote is TRUE, what would the neoclassical growth theory predict?
A) Economic growth stops because most technological advances have already been made.
B) Economic growth is temporary regardless of technological change and GDP per person returns to subsistence levels.
C) Economic growth will persist indefinitely because technological change will accelerate again as firms seek profits.
D) Economic growth will accelerate because these technological changes are permanent.
A
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If real GDP grows at 3% and population grows at 1.2%, then real GDP per capita grows by 4.2%.
a. true b. false
In economics, the term physical capital
A) refers to funds used by businesses to acquire goods and services. B) refers to all manufactured resources used for production. C) refers to the process of raising funds through the stock market. D) defines the stock of merchandise already produced.