Marginal damages
A. must always be considered in social marginal costs.
B. must not be considered in social marginal costs.
C. must sometimes be considered in social marginal costs.
D. have nothing to do with social marginal costs.
A. must always be considered in social marginal costs.
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Classical growth theory predicts
A) a slowdown in population growth over time. B) sustained increases in economic growth in the long run. C) sustained increases in the standard of living in the long run. D) real GDP per person will remain at the subsistence level over time. E) the population growth rate slows as real GDP per person rises.
New growth theory assumes that
A) all inputs experience diminishing returns. B) only random technological advances produce growth. C) knowledge does not experience diminishing returns. D) None of the above answers is correct.