ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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During this time, there was less immigration into Brownsville.
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Brownville’s workforce is producing fewer goods now than it did before independence.
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This increase in production can only be explained by Brownville’s workforce getting larger.
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Since the 1990s there has been an increase in spending on education and training.
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Detailed explanation-1: -Economic growth refers to an increase in the size of a country’s economy over a period of time. The size of an economy is typically measured by the total production of goods and services in the economy, which is called gross domestic product (GDP). Economic growth can be measured in ‘nominal’ or ‘real’ terms.
Detailed explanation-2: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.
Detailed explanation-3: -Productivity may be measured by the growth rate of real GDP per person.
Detailed explanation-4: -if investment spending is low, increased saving will help investment to “catch-up.” 11. When a country saves a larger portion of its GDP, it will have a. less investment, and so have more capital and higher productivity.