ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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by creating free markets
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by increasing local manufacturing
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by expanding domestic agriculture
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by improving local entrepreneurship
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Detailed explanation-1: -There is growing evidence suggesting that internet technologies can increase workers’ productivity. When internet infrastructure expands in developing regions of the world, workers are often more likely to gain higher wages or find employment.
Detailed explanation-2: -Foreign capital investment, construction of infrastructure, such as railroads, growth in the labor sector with immigration from abroad, strengthening of institutions, and expansion of education aided industrial growth and economic expansion.
Detailed explanation-3: -Specifically, the internet economy’s contribution to the U.S. GDP grew 22 percent per year since 2016, in a national economy that grows between two to three percent per year. In 2020 alone, it contributed $2.45 trillion to the United States’ $21.18 trillion GDP.
Detailed explanation-4: -A challenging socio-economic outlook Slowing growth, high inflation, and global uncertainty mean that many people in the region will see their living standards decline this year and will likely face increased anxiety about their future.