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3. New growth theory In the following table, identify the growth theory used to model each of the following views. New Growth
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Answer #1

Technology is exogenous to the economic system. NeoClassical growth theory.

The amount of resources devoted to development of technology affects its quality. NeoClassical growth theory.

Endogenous technological advances drive economic growth. : New Growth theory.

According to the new growth theory, Discovering and implementing new ideas promote economic growth. Hence,option(B) is correct.

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