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What is Economic Growth? - Definition, Theory & Impact

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What are the three main economic growth theories?

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1. Which economic growth theory assumed diminishing marginal product of capital and labor?

2. Which theory assumed an increase in population will bring the GDP back down to its equilibrium state?

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About This Quiz & Worksheet

What are the three main theories of economic growth, and what assumptions are included in each of these theories? These are the main questions you'll be asked to address in this quiz and worksheet combo. You'll also need to know the meanings of related terms, such as economic growth and Gross Domestic Product.

Quiz & Worksheet Goals

Use these assessment tools to test your knowledge of:

  • The three main theories of economic growth
  • The theory associated with diminishing marginal returns of capital and labor
  • The theory that assumes a steady state GDP
  • The theory that considers knowledge an unlimited resource

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related economic growth theory
  • Making connections - use understanding of the concept of economic growth in other contexts
  • Distinguishing differences - compare and contrast topics from the lesson, such as Neo-Classical economic growth theory and New Growth Theory, and GDP and Real Gross Domestic Product

Additional Learning

To learn more on the topic, review the accompanying lesson, What is Economic Growth? - Definition, Theory & Impact. The lesson highlights the following objectives:

  • Define economic growth
  • Learn about the18th and 19th century economic theory that derived from the work of economists, Smith, Ricardo, and Malthus
  • Understand the principles of the Solow-Swan growth model
  • Define technological advances and diminishing marginal returns
  • Identify the concerns regarding particular economic growth theories
  • Explain New Growth Theory and how it compares and contrasts with previous theories
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