Question

Sustained growth is best achieved through which of the following? O Technological progress OB Increases in the quality and amount of education OC. Population increases OD. Physical capital accumulation

Answer 1

1) Sustainable economic growth means a rate of growth that can be maintained without creating other significant economic problems, especially for future generations. There is clearly a trade-off between rapid economic growth today, and growth in the future. Rapid growth today may exhaust resources and create environmental problems for future generations, including the depletion of oil and fish stocks, and global warming. The answer here is (b) an increase in the quality and amount of education.

2) The aggregate production function describes how total real gross domestic product (real GDP) in an economy depends on available inputs. Aggregate output (real GDP) depends on the following: Physical capital—machines, production facilities, and so forth that are used in production. hence (b) various combinations of labor and capital that can be used to produce a particular good.

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