In the Neoclassical Growth Model,the Rate of Technological Process Is

question 44

Multiple Choice

In the neoclassical growth model,the rate of technological process is:

• A)2 percent.
• B)0 percent.
• C)exogenous and not explained.
• D)endogenous and explained by human capital accumulation.

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Definitions:

Budget Constraint

A financial limit that represents the combination of goods and services a consumer can purchase with their limited income.

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor willing to work and the wage rate.

Indifference Curves

A graphical representation used in economics to show different combinations of two goods that give a consumer equal satisfaction and utility.

Utility Maximizes

The behavior of consumers to obtain the greatest satisfaction from their choices, given their resources.