According to New Growth Theory

question 122

Multiple Choice

According to new growth theory

• A)technological change is influenced by economic incentives.
• B)centrally-planned economies are the most efficient.
• C)growth in real GDP per capita occurs only if there are increasing returns.
• D)economic growth is determined by forces outside the control of the market system.

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Definitions:

Cover

Buying similar goods from someone else when a seller breaches a contract.

Sales Contract

A legally binding agreement between a buyer and a seller regarding the sale of goods or services.

Cupcakes

Small, individual-sized cakes baked in a cup-shaped mold, often decorated with frosting and other toppings.

Manufacturer's Warranty

A promise by a manufacturer to repair or replace defective products within a certain period of time after purchase.