The new growth theory's comparison of the economy to a perpetual motion machine implies that
A) overpopulation will eventually overtake the resources of the planet.
B) technology changes just happen.
C) permanent growth is not possible.
D) the economy will forever create and destroy jobs.
E) labor productivity has no influence on the economy.
D
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Which of the following is a microeconomic question?
A) Should Congress and the president take action to reduce the unemployment rate? B) Why do some countries have higher economic growth rates than other countries? C) Should companies pay for employees' health insurance? D) Should the Fed attempt to influence the interest rate to control potential inflation?
If Israel has a lower opportunity cost producing oranges than Canada, then compared to Canada's orange production, it
a. is less efficient in producing other goods b. has an absolute advantage producing oranges c. cannot export oranges to other countries successfully d. has a comparative advantage producing oranges e. will have reason to import oranges