Answered: Since the late 1950s, economists have…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Since the late 1950s, economists have performed â€œgrowth
accountingâ€ studies in the United States.
These have determined that ________________ is typically the most
important contributor to U.S. economic growth.

a)
physical capital

b)
human capital

c)
technology

d)
a market orientation

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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