The view that growth depends on technological progress shaped by institutions, incentives and government is known as which growth theory?
Correct answer A. Endogenous
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Long Term Economic Growth MCQs
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What is the name for a combined productivity measure that accounts for both labour and capital?
Correct answer A. Total factor productivity
How can governments boost productivity?
Correct answer A. Encouraging private investment
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Why might GDP per head be an imperfect measure of economic welfare?
Correct answer E. All of the above
Neoclassical growth theory identifies the steady state as the point where ____ is just enough to keep ____ constant while the labour force grows. Which pair completes the sentence?
Correct answer D. Investment, capital per person
Around what does the business cycle describe fluctuations in output?
Correct answer C. The trend path of output
Which of these is NOT a phase of the business cycle?
Correct answer B. Acceleration
In the multiplier-accelerator model, ____ is assumed to depend on ____. Which pair completes the sentence?
Correct answer A. Investment, expected future profits
Because gross investment cannot be negative, it provides a ____ to fluctuations in ____. Which pair completes the sentence?
Correct answer C. Floor, output
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