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Questions and Answers
According to the new growth theory, what drives the constant desire for a higher standard of living?
According to the new growth theory, what drives the constant desire for a higher standard of living?
- Limits on natural resources
- Diminishing returns to capital
- The perpetual nature of human wants (correct)
- Stagnation in technological progress
Which policy is most likely to stimulate research and development according to the text?
Which policy is most likely to stimulate research and development according to the text?
- Providing international aid to developing nations
- Improving the quality of education
- Directing public funds towards financing basic research (correct)
- Encouraging international trade
How can governments contribute to a nation's growth potential according to the text?
How can governments contribute to a nation's growth potential according to the text?
- By improving the quality of education (correct)
- By encouraging international trade
- By stimulating saving
- By providing international aid to developing nations
What is the primary mechanism through which providing international aid to developing nations is expected to increase investment and growth in those countries?
What is the primary mechanism through which providing international aid to developing nations is expected to increase investment and growth in those countries?
Which of the following is a key policy lever identified in the text for achieving faster economic growth?
Which of the following is a key policy lever identified in the text for achieving faster economic growth?
According to the new growth theory, what is the primary driver of economic growth in the long run?
According to the new growth theory, what is the primary driver of economic growth in the long run?
What is the most fundamental source of economic growth?
What is the most fundamental source of economic growth?
Which theory emphasizes that without advances in technology, we must eventually hit diminishing returns due to a population explosion?
Which theory emphasizes that without advances in technology, we must eventually hit diminishing returns due to a population explosion?
What is highlighted as a key factor to keep growth going according to Neoclassical growth theory?
What is highlighted as a key factor to keep growth going according to Neoclassical growth theory?
In the context of economic growth, what does New growth theory emphasize?
In the context of economic growth, what does New growth theory emphasize?
What is the main contribution of technological change to labor productivity?
What is the main contribution of technological change to labor productivity?
What is highlighted as necessary for economic growth besides physical resources and physical capital?
What is highlighted as necessary for economic growth besides physical resources and physical capital?
What is the main determinant of potential GDP according to the passage?
What is the main determinant of potential GDP according to the passage?
Which of the following is not mentioned in the passage as a factor that determines potential GDP?
Which of the following is not mentioned in the passage as a factor that determines potential GDP?
According to the passage, what is the relationship between the real wage rate and the quantity of labor demanded?
According to the passage, what is the relationship between the real wage rate and the quantity of labor demanded?
Which of the following economies are mentioned in the passage as having grown very rapidly and caught up or are catching up with the United States?
Which of the following economies are mentioned in the passage as having grown very rapidly and caught up or are catching up with the United States?
According to the passage, what is the definition of economic growth?
According to the passage, what is the definition of economic growth?
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