ECONOMICS
ECONOMIC GROWTH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Improved living standards
|
|
|
Increase in income
|
|
|
Increase in unemployment
|
|
|
Consumption of more luxury products
|
Detailed explanation-1: -loss of tax revenue, increased cost of unemployment benefits, loss of income for individuals, and. greater disparities in the distribution of income.
Detailed explanation-2: -The correct answer is Human resources. Economic growth means more output. Economic development is the technical and institutional setup by which such output is produced and distributed. Human Resource is not taken as a factor among the non-economic factors which contribute to economic growth.
Detailed explanation-3: -Lower economic growth (GDP) – As fewer people have jobs, firms won’t be able to produce as many goods and services. As a result, the output of goods and services in the economy, GDP, will be lower. This also has an impact on government taxation and spending and will negatively affect their finances.
Detailed explanation-4: -Economic growth is the increase in the value of an economy’s goods and services, which creates more profit for businesses. As a result, stock prices rise. That gives companies capital to invest and hire more employees. As more jobs are created, incomes rise.