Economic Growth

question 8

Multiple Choice

Economic growth

• A) involves both benefits and costs
• B) is beneficial to the economy only if it arises from population growth
• C) is beneficial to the economy only if it arises from technological change
• D) involves costs that usually outweigh the benefits
• E) imposes costs because it requires a movement along the production possibilities frontier

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Definitions:

Desirability

Desirability refers to the attractiveness or appeal of a good, service, or concept to consumers or participants, influencing their choice or preference.

Compensation

Refers to the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required.

Commission

A fee paid to an agent or employee for transacting a piece of business or performing a service, especially a percentage of the money received from a total paid to the agent responsible for the business.

Human Capital

The total of competencies, wisdom, or intangible valuables of individuals that have the potential to yield financial value for the people, their places of employment, or their local area.