ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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these items lead to a greater productivity of inputs.
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the only way to measure economic growth is to observe changes in these factors.
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investment in these items are the sole determinant of output
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all of these items improve capital resources.
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Detailed explanation-1: -Additional or improved capital goods is intended to increase labor productivity by making companies more productive and efficient. Newer equipment or factories leads to more products being produced, and at a faster rate.
Detailed explanation-2: -economic growth is often tied to investment in Machinery, new technology, and education of the population.
Detailed explanation-3: -There are three main factors that drive economic growth: Accumulation of capital stock. Increases in labor inputs, such as workers or hours worked. Technological advancement.
Detailed explanation-4: -Increase in production can be achieved either through the use of more resources and/or through the realization of higher productivity by means of using the resources of labour, capital and land more efficiently. Technological change helps to promote growth in both these ways.