Under Modern Economic Growth, the Annual Average Increase in Output

question 70

Multiple Choice

Under modern economic growth, the annual average increase in output per person is:

• A) Often not large, perhaps 2% per year
• B) Often large, perhaps greater than 5% per year
• C) Often small, perhaps less than 1% per year
• D) Often the same in rich countries as in poor countries

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Definitions:

Unique Product

A product that is different from others in the market due to distinctive features, design, or attributes that make it stand out.

No Close Substitutes

A market condition where a good or service has no similar alternatives, giving it a unique position and potentially more market power.

Market Model

A theoretical construct that describes how different types of markets operate and interact.

Conditions of Entry

Factors that determine the ease or difficulty with which new competitors can enter an industry or market, affecting competition and market dynamics.