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Theories of Economic Growth

Description: This quiz covers the various theories of economic growth, including classical, neoclassical, endogenous growth, and institutional theories.
Number of Questions: 15
Created by:
Tags: economic growth classical economics neoclassical economics endogenous growth institutional economics
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Which theory of economic growth emphasizes the role of capital accumulation and technological progress?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: B
Explanation:

The neoclassical theory of economic growth emphasizes the role of capital accumulation and technological progress as the primary drivers of economic growth.

According to the classical theory of economic growth, what is the main determinant of economic growth?

  1. Capital accumulation

  2. Labor supply

  3. Technological progress

  4. Natural resources

Show answer
Correct Option: B
Explanation:

The classical theory of economic growth emphasizes the role of labor supply as the main determinant of economic growth.

Which theory of economic growth emphasizes the role of human capital and institutions?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: D
Explanation:

The institutional theory of economic growth emphasizes the role of human capital and institutions as the primary drivers of economic growth.

According to the endogenous growth theory, what is the main source of economic growth?

  1. Capital accumulation

  2. Labor supply

  3. Technological progress

  4. Human capital

Show answer
Correct Option: C
Explanation:

The endogenous growth theory emphasizes the role of technological progress as the main source of economic growth.

Which theory of economic growth emphasizes the role of government policies and institutions?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: D
Explanation:

The institutional theory of economic growth emphasizes the role of government policies and institutions as the primary drivers of economic growth.

According to the classical theory of economic growth, what is the role of government in promoting economic growth?

  1. Provide public goods and services

  2. Protect property rights

  3. Enforce contracts

  4. All of the above

Show answer
Correct Option: D
Explanation:

The classical theory of economic growth emphasizes the role of government in providing public goods and services, protecting property rights, and enforcing contracts in promoting economic growth.

Which theory of economic growth emphasizes the role of entrepreneurship and innovation?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: C
Explanation:

The endogenous growth theory emphasizes the role of entrepreneurship and innovation as the primary drivers of economic growth.

According to the neoclassical theory of economic growth, what is the role of capital accumulation in promoting economic growth?

  1. Increases the stock of physical capital

  2. Increases the productivity of labor

  3. Both of the above

  4. None of the above

Show answer
Correct Option: C
Explanation:

The neoclassical theory of economic growth emphasizes the role of capital accumulation in increasing the stock of physical capital and the productivity of labor, both of which contribute to economic growth.

Which theory of economic growth emphasizes the role of natural resources in promoting economic growth?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: A
Explanation:

The classical theory of economic growth emphasizes the role of natural resources in promoting economic growth.

According to the endogenous growth theory, what is the role of human capital in promoting economic growth?

  1. Increases the productivity of labor

  2. Increases the stock of knowledge

  3. Both of the above

  4. None of the above

Show answer
Correct Option: C
Explanation:

The endogenous growth theory emphasizes the role of human capital in increasing the productivity of labor and the stock of knowledge, both of which contribute to economic growth.

Which theory of economic growth emphasizes the role of technological progress in promoting economic growth?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: C
Explanation:

The endogenous growth theory emphasizes the role of technological progress in promoting economic growth.

According to the institutional theory of economic growth, what is the role of institutions in promoting economic growth?

  1. Reduce transaction costs

  2. Protect property rights

  3. Enforce contracts

  4. All of the above

Show answer
Correct Option: D
Explanation:

The institutional theory of economic growth emphasizes the role of institutions in reducing transaction costs, protecting property rights, and enforcing contracts, all of which contribute to economic growth.

Which theory of economic growth emphasizes the role of government policies in promoting economic growth?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: D
Explanation:

The institutional theory of economic growth emphasizes the role of government policies in promoting economic growth.

According to the classical theory of economic growth, what is the role of government in promoting economic growth?

  1. Provide public goods and services

  2. Protect property rights

  3. Enforce contracts

  4. All of the above

Show answer
Correct Option: D
Explanation:

The classical theory of economic growth emphasizes the role of government in providing public goods and services, protecting property rights, and enforcing contracts in promoting economic growth.

Which theory of economic growth emphasizes the role of entrepreneurship and innovation?

  1. Classical theory

  2. Neoclassical theory

  3. Endogenous growth theory

  4. Institutional theory

Show answer
Correct Option: C
Explanation:

The endogenous growth theory emphasizes the role of entrepreneurship and innovation as the primary drivers of economic growth.

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