According to the New Growth Theory

question 135

Multiple Choice

According to the new growth theory,

• A)the labour demand curve does not shift rightward over time.
• B)the rate of technological progress is determined by chance.
• C)the concept of a labour market is not necessary.
• D)knowledge is not subject to diminishing returns.

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Definitions:

Sale of Land

A legal transaction where ownership of a piece of real estate is transferred from the seller to the buyer, according to agreed terms.

Real Property

Land and anything permanently attached to it, such as buildings and structures, recognized by law.

One-Year Rule

A legal principle stating certain contracts must be in writing if they cannot be performed within one year.

Oral Promise

A commitment or agreement conveyed through spoken words rather than in written form, which may or may not be legally binding.