ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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remain stable.
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grow through innovation.
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reach economic equity.
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allow the central government to make economic decisions.
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Detailed explanation-1: -Answer and Explanation: The correct option is (b). To improve its standard of living, a nation’s economy must grow through innovation. If a nation really wants to become a developed nation, it has to come up with new ideas that help us to increase productivity and which in turn leads to increase in the level of income.
Detailed explanation-2: -Improved standards of living are made possible when labor is more productive. Productivity is driven by specialization, technological innovation, and working capital. The only sustainable way for an economy to grow is through increased productivity.
Detailed explanation-3: -One of the major benefits of innovation is its contribution to economic growth. Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows.
Detailed explanation-4: -An increase in the standard of living entails that people are better off because they have more money to spend on goods and services sold at a relatively stable price level.
Detailed explanation-5: -Tax Cuts and Tax Rebates. Stimulating the Economy With Deregulation. Using Infrastructure to Spur Economic Growth.