Economic model describing growth of the economy on one or at most a few sectors and variables?
Correct answer: B. Aggregate growth model
- A. Formal growth model
- B. Aggregate growth model
- C. Functional growth model
- D. None
Explanation
An aggregate growth model explains economic growth using economy-wide variables such as total output, saving, investment and labour. It does not focus on the detailed behaviour of individual sectors or firms.
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