Answered: orrect statement about economic growth…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 11P

See similar textbooks

Related questions

Question

Choose the correct statement about economic growth theories.

Modern-day Malthusians point to global warming and climate change as reasons to believe that eventually real GDP per person will decrease.

Classical growth theory tells us profit is the spur to technological change.

According to new growth theory, growth occurs because knowledge and physical capital do not experience diminishing returns.

New growth theory is sometimes called Malthusian theory.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions