What Are the Factors of Production in the Solow Model

question 11

Multiple Choice

What are the factors of production in the Solow model of economic growth?

• A) institutions, incentives, and ideas
• B) physical capital, human capital, and ideas
• C) working capital, technological advances, and ideas
• D) motivated workers, honest government, and ideas

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Definitions:

Good Faith

A principle that denotes honesty or sincerity of intention in the fulfillment of one's duties and agreements.

Breach Of Contract

A violation of any agreed-upon terms and conditions in a binding contract.

Cashier's Check

A check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

Service Fee

A charge added to a customer's bill for the provision of a service, which might cover operational costs or service delivery.