Figure 6.2: Romer Model: Per Capita Output

question 116

Multiple Choice

Figure 6.2: Romer Model: Per Capita Output
-In the Romer model, if an economy's share of researchers decreases, there will be:

• A) an immediate decrease in output and output growth will slow.
• B) an immediate increase in output and output growth will slow.
• C) an immediate increase in output and output growth will accelerate.
• D) an immediate decrease in output and output growth will accelerate.
• E) no change in output but output growth will slow.

Understand the distinction between intentional and unintentional torts.

Identify the elements required to prove a tort claim.

Distinguish between torts, crimes, and civil wrongs.

Recognize specific examples of intentional torts.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets including real property and intellectual property.

Economic Efficiency

The condition in which it is impossible to generate a larger welfare from the existing resources. In other words, the situation in which every resource is optimally allocated to serve each individual in the best way while minimizing waste and inefficiency.

Environmental Regulation

Laws and rules that govern how individuals, companies, and governments interact with the natural environment to minimize harm and ensure sustainable development.

Property Rights

The legal rights to own, use, and dispose of assets, land, or property.