Which of the Following Ideas Apply to the Neoclassical Growth

question 8

Multiple Choice

Which of the following ideas apply to the neoclassical growth theory? I.The rate of technological change influences the rate of economic growth.
II.Technological change promotes saving and investment.
III.Convergence of economic growth rates across countries.

• A)I only
• B)II only
• C)III only
• D)I and II only
• E)I, II, and III

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Definitions:

Tariff

A tax imposed by a government on imported goods or services to protect domestic industries or generate revenue.

Infant Industry

A new or emerging industry that may be protected by the government from international competition to allow it to grow.

Technological Efficiency

A measure of the effectiveness with which a technology converts inputs into outputs, often seen as achieving the maximum productivity with the least waste.

Silicon Chip

A small piece of silicon that contains integrated circuits used in electronic devices for processing or storage.