1. Select the best answer The standard of living depends on the real GDP per per

Question

1. Select the best answer
The standard of living depends on the real GDP per person.

True
False



The neoclassical theory of growth states that growth ends if technological change stops.

True
False




The new growth theory states that growth can persist indefinitely.

True
False



According to the "classical dichotomy" the real variables are dependent on the nominal ones.

True
False




The marginal product of labor is the change in real GDP by employing an additional hour of work without changing the other factors.

True
False

Explanation / Answer

1. True, it is called per capita income.

2. True, according to neoclassical theory growth cannot continue without advancements in technology.

3. True, Growth can persist indefinately according to new growth theory.

4. False, they are independent.

5. True.

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