ECONOMICS
TECHNOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Ethiopia will a smaller growth rate.
|
|
|
Ethiopia has fewer uses for capital.
|
|
|
Ethiopia has more natural resources.
|
|
|
Ethiopia can’t trade with either country.
|
Detailed explanation-1: -How can increased investment help a country achieve increased economic growth? What are the costs involved? A country that invests substantially in human and physical capital will be able to produce a greater quantity of goods and services in future periods, experiencing a higher standard of living as a result.
Detailed explanation-2: -The correct option is b. an increase in the proportion of the population that is college educated. When an increasing proportion of the population is educated, there is more skilled labor force available. A skilled labor force has higher productivity.
Detailed explanation-3: -Economic Growth depends more on technological change than on increases in capital per hour worked. Technology refers to the process a firm uses to turn inputs into outputs of goods and services. the government must provide secure rights to private property. depends on increases in labor productivity.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.