With the assumption that some voluntary exchanges that would make both parties better off are somehow being blocked, we have the basis for a ________ macroeconomic model, such as those constructed by ________ economists

The primary difference between the neoclassical growth model and endogenous growth models is that

a. the neoclassical growth model assumes that technology is exogenous. b. endogenous growth models attempt to explain movements in technology within the model. c. changes in savings rates can affect growth in the long-run in endogenous growth models. d. both a and b. e. all of the above.

The price elasticity of new automobile purchases is about 1.2 . This implies that an increase of $1,000 on a $10,000 automobile will

a. reduce the number of autos sold by approximately 1.2 percent. b. increase the consumer expenditures on autos by approximately 1.2 percent. c. reduce the number of autos sold by approximately 12 percent. d. increase consumer expenditures on autos by approximately 12 percent.