What can a nation do to increase its economic growth? Why is economic growth among the major national economic goals of all countries?
What will be an ideal response?
A nation must increase its production possibilities in order to experience economic growth. Ingredients for economic growth include capital accumulation, investment in the labor force to increase productivity, investment in technology, and promoting the entrepreneurial spirit. Economic growth is a major national economic goal of all nations because it increases the average absolute standard of living for the nation.
You might also like to view...
An increase in aggregate demand in the Classical model causes the price level to
A) rise but output remains constant. B) fall but output remains constant. C) rise but output to fall. D) fall but output to rise.
If consumption spending is larger than disposable income,
A. saving is positive. B. dissaving occurs. C. saving is exactly zero. D. a depression results.
According to Michael Porter, there is a strong correlation between _____ and the creation and persistence of competitive advantage in an industry.
Fill in the blank(s) with the appropriate word(s).
The selling of a good or service abroad at a price below production costs is
A) marginal cost selling. B) price discrimination. C) price differentiation. D) dumping.