Fill in the blanks to make the following statements correct. An important aspect

Question

Fill in the blanks to make the following statements correct. An important aspect of Neoclassical growth theory is that changes in the supply of one factor, all else held constant, imply eventually marginal returns to that factor. In Neoclassical growth theory, an increase in the labour force alone total output and the level of per capita output. When a new and better harvesting machine replaces an old harvesting machine on a farm, and is more productive than the old one, we say there has been technical change. Some newer growth theories are based on the assumption that technological change is to the economic system; others are based on the possibility that there are marginal returns to investment. Neoclassical growth theories are pessimistic because they emphasize returns with a given state of. Modern growth theories are more optimistic because they emphasize the unlimited potential of .

Explanation / Answer

a. Diminishing

b.Increases Increases

c. Positive

d. endogenous Increasing

e. Constant Technology Human Capital / Technological development.

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