According to the Neoclassical Growth Theory

question 207

Multiple Choice

According to the neoclassical growth theory

• A) increases in labor productivity are only temporary.
• B) technological change depends on people's choices.
• C) forces other than GDP growth determine population growth.
• D) higher saving rates generate permanently faster growth in GDP per person.

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Definitions:

Power Distance

The extent to which less powerful members of organizations and institutions accept and expect power to be distributed unequally.

Assertiveness

The quality of being self-assured and confident without being aggressive, allowing for clear and respectful communication of one's opinions and needs.

Collectivism

A cultural value that prioritizes group goals over individual goals and emphasizes the importance of cohesion within social groups.

Uncertainty Avoidance

A cultural or individual preference for clear procedures and rules as a way to reduce the unpredictability of future events.