ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Group of answer choices
increased labor productivity.
all of the above
technology.
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Introduction:
As previously stated, economic growth is an increase in the quantity and quality of economic goods and services produced by a society. A society's total income corresponds to the total sum of goods and services produced - everyone's spending is someone else's income. Economic growth is the increase in the quantity of goods and services produced by an economy, typically a nation, over time. It is expressed as a percentage increase in the real gross domestic product (GDP), which is the GDP adjusted for inflation. Economic growth expands the capacity of the state and the supply of public goods.
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- Economic growth is achieved through which of the following? Check all that apply. Advances in technology Increased supplies of resources Decreased demand for the factors of production Reduction in the quality of resourcesarrow_forwardWhich of the following are true of capital as a determinant of economic growth? Check all that apply. Capital investment decreases per capita real GDP. Technological advances allow more output from the same amount of capital. As consumption increases, capital formation also increases. Countries with higher investment rates tend to have higher growth rates.arrow_forwardGrowth in GDP per capita is an important measure of economic prosperity because it corrects for differences in participation rates. True or Falsearrow_forward
- The use of knowledge to improve productivity and enhance economic growth is known as Group of answer choices accumulation of physical capital. invention. innovation. All of the abovearrow_forwardWhy might the use of more advanced technology not be a sufficient condition for sustained economic growth?arrow_forward
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