Solutions? 7) The notion that technological change is not random but instead is

Question

Solutions? 7) The notion that technological change is not random but instead is driven by the pursuit of profits is an essential element of A) classical growth theory B) neoclassical growth theory. C) the new growth theory D) perpetual growth theory. 8) Classical growth theory argues that when real GDP per person rises above the su A) technological change slows down, stagnating the economy 5) population growth increases, driving real GDP per person back to subsistence level. C) people don't want to work as much, decreasing labor supply D) the economy enjoys a period of permanent growth. 9) Neoclassical growth theory proposes that A) technological progress increases the population growth rate and drives B) real GDP growth is caused by growth in the population. C) real GDP per person grows becau D) discoveries result from choices that increase profits. down real wages r capital. se technological change increases the demand fo 10) The New growth theory predicts that A) economic growth can last indefinitely B) economic growth is only temporary. C) economic growth is eroded by changes in taxes. D) government policies can do nothing to foster increased growth. 11) Which of the following influences household saving? I. The real interest rate II. Disposable income. III. Expected future income. A) I only B) I and II C) I and III D) I, II, and III 12) If households expect an increase in their future incomes, they will save A) less and consume more today B) more and consume less today C) and consume more today D) and consume less today 13) If the nominal interest rate is 8 percent and the inflation rate is 4 percent, the real interest rate is approximately A) 4 percent. B) 12 percent. C) 0.25 percent

Explanation / Answer

7. The correct answer is C.

8. The correct answer is B.

9. The correct answer is C.

10. The correct answer is A.

11. The correct answer is D.

12. The correct answer is A.

13. The correct answer is A.

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