Economics · Meade's Growth Model
Which of the following is NOT an assumption in J.E. Meade's neoclassical growth model?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A closed economy with no financial relations with the outside world
- 2Labor and machinery are the only forms of capital available in the economy✓
- 3A state of laissez-faire policy prevails in the economy
- 4Perfect competition exists in both product and factor markets
Correct answer
Labor and machinery are the only forms of capital available in the economy
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