Economic growth is the result of what two factors?
Please provide the best answer for the statement.
Economic growth is the result of increases in supplies of resources and technological advances. Economic growth at full employment leads to an economy with greater output of both consumer and capital goods.
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All of the following, except one, help explain why specialization leads to greater production than is otherwise possible. Which is the exception?
a. It allows the organization of production in business firms. b. Specialization reduces the time lost in moving from one activity to another. c. As workers repeat an activity over and over, they hone their skills and become more expert. d. Specialization allows workers to be assigned to the activities for which they have the greater natural ability. e. The more often workers repeat an activity, the more stimulating and enjoyable they find it.
When demand is elastic
A) quantity demanded is very responsive to a change in price. B) quantity demanded is not very responsive to a change in price. C) the proportional change in quantity demanded is equal to the proportional change in price. D) producers react quickly to price changes.
Foreign investment can be economically beneficial for all of the following reasons except:
A. increases the GDP of the host country by giving it access to additional resources. B. increases the GDP of the investing country by providing it with ways to earn higher returns on its capital. C. makes the world a more efficient place by moving capital from places with low returns to places with high returns. D. it always leads to a higher interest rate.
Factory A can reduce emissions at a cost of $250 per ton. Factory B can reduce emissions at a cost of $400 per ton. In a system in which the government issues transferable pollution right at a price of $200 per ton:
a. Factory A can profit from selling its pollution rights to Factory B. b. Both firms have an incentive to buy pollution rights c. Factory B can profit from selling its pollution rights to Factory A. d. Both firms have an incentive to sell pollution rights.