The New Growth Theory Asserts That

question 50

Multiple Choice

The new growth theory asserts that

• A)technology improves slowly while population grows rapidly.
• B)a discovery can be used by only one person, the discoverer.
• C)eventually people earn only a subsistence living.
• D)the population growth rate will increase when real GDP per person increases.
• E)production processes can be replicated at many different firms in the economy.

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Definitions:

Liquidated Damages

A pre-determined amount of money agreed upon in a contract that is payable as damages for breach of contract.

Reasonable

Pertains to actions or decisions that are sensible, fair, and logical based on the circumstances presented.

Punitive

Relating to or aimed at punishment, especially within the context of punitive damages in legal judgments, intended to punish wrongful conduct and deter similar actions in the future.

CISG

An abbreviation for the United Nations Convention on Contracts for the International Sale of Goods, a treaty that governs international commercial transactions.