TJC ECON: CHAPTER 12- GROWTH THEORY EXAM 2025 QUESTIONS AND ANSWERS 100% LATEST UPDATE  

Production function - ANSWERDescribes the relationship between the imputs the firms use and the output it creates Convergence - ANSWERThe idea that per capita GDPs across nations equalize as nations approach the steady state Depreciation - ANSWERA fall in the value of a resource over time Net investment - ANSWERInvestment - depreciation New growth theory - ANSWERAn approach to long-run growth that focuses on technological change and the incentives fostering innovation inside an economy Endogenous growth - ANSWERGrowth driven by factors inside an economy Exogenous growth - ANSWERGrowth that is independent of factors within the economy Aggregate production function - ANSWERDescribes the relationship between all the inputs used in the macroeconomy and the economy's total output (GDP) Marginal product - ANSWEROf an input is the change in output divided by the change in input