Answered: What other factors, aside from labor…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Growth And Less Developed Countries

Section17.2: Economic Growth And Development Around The World

Problem 2GE

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Question

What other factors, aside from labor productivity and capital investment, can impact the economic growth of a country in a positive manner?

a) protection of private property

b) low levels of corruption

c) new technology

d) a fair and just court system

e) All of the choices are correct

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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