The Idea of a Steady State Is That

question 24

Multiple Choice

The idea of a steady state is that

• A)the capital-labor ratio grows at a constant rate
• B)output per capita grows at a constant rate
• C)output, capital, and labor all grow at the same rate
• D)an increase in the savings rate will not affect the capital-labor ratio
• E)real output cannot grow

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Definitions:

Higher Esteem Needs

Refers to the fourth level in Maslow's hierarchy of needs, focusing on respect, self-esteem, status, recognition, and freedom.

Status

The relative social, professional, or other standing of someone or something, which can be indicated by various factors including wealth, authority, and achievement.

Recognition

The ability or action of identifying or acknowledging something or someone as already known or familiar.

Impulse Buy

A purchase made spontaneously, often without prior planning, driven by emotional response rather than thoughtful decision-making.