Economics · Economic Growth
Which of the following is NOT correct about the steady state equilibrium for an economy according to the neoclassical growth theory (Solow model)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Per capita GDP and per capita capital grow at a constant rate equal to technological progress.
- 2The growth rate of aggregate output is independent of the saving rate in the long run.
- 3The growth rate of output is equal to the population growth rate plus the rate of technological progress.
- 4The growth rate of output is endogenously determined.✓
Correct answer
The growth rate of output is endogenously determined.
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