Which of the Following Statements Best Represents the Impact of Technological

question 101

Multiple Choice

Which of the following statements best represents the impact of technological progress in the Solow growth model?

• A) There must be increases in the quality and quantity of consumption for long-term growth to be achieved.
• B) Technological progress is necessary to achieve the steady-state level of consumption per worker.
• C) There must be increases in the quality and quantity of capital for long-term growth to be achieved.
• D) Technological progress allows for an increase in the saving rate.

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Definitions:

Economic Goals

The objectives that guide the economic decisions and policies of individuals, businesses, and governments, typically including growth, stability, and equity.

Neoliberalism

A political and economic philosophy advocating for free-market capitalism, deregulation, and a reduction in government spending.

Material Goals

Objectives or aims that are focused on acquiring physical or financial assets and wealth.

Neoliberal Economic Theories

A set of economic principles advocating for free markets, privatization, deregulation, and a reduced role of the state in the economy.