In Studying Growth Theory, We

question 31

Multiple Choice

In studying growth theory, we

• A)assume that labor, capital, and raw materials are all used efficiently
• B)assume that increased use of inputs cannot lead to a higher living standard
• C)assume that technological advances cannot affect living standards
• D)try to explain the reasons for recessions and booms
• E)all of the above

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation," which posits that people are motivated to achieve certain needs and that some needs take precedence over others, forming a hierarchy.

Low Cost Rewards

Incentives offered by organizations that have minimal financial impact but can significantly boost employee morale and motivation.

Recognition And Praise

Acknowledgment and appreciation shown towards individuals for their achievements or contributions, often used as a motivational tool.

Herzberg

A reference to Frederick Herzberg, a psychologist best known for introducing the two-factor theory of motivation, contrasting hygiene factors with motivators.