ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quality of education improved
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Better technology used
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Household’s income level increase
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Discovery of new resources
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Detailed explanation-1: -Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.
Detailed explanation-2: -Consumer income – An increase in economic growth causes unemployment to decrease and incomes to rise. This can be shown by the following formula: National output = National expenditure = National income. Therefore, if national output increases, so do incomes.
Detailed explanation-3: -Economic growth enables consumers to consume more goods and services and enjoy better standards of living. Economic growth during the Twentieth Century was a major factor in reducing absolute levels of poverty and enabling a rise in life expectancy.
Detailed explanation-4: -Which of the following allow the economy to achieve a higher rate of economic growth? Stronger productivity growth and heightened global competition.
Detailed explanation-5: -Job creation. Industry diversification. Business retention and expansion. Economy fortification. Increased tax revenue. Improved quality of life. 21-Apr-2021