Total Factor Productivity Growth Is That Part of Economic Growth

question 77

Multiple Choice

Total factor productivity growth is that part of economic growth due to

• A)capital growth plus labour growth.
• B)capital growth less labour growth.
• C)capital growth times labour growth.
• D)neither capital growth nor labour growth.

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Definitions:

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, indicative of a healthy and expanding economy.

Import Tariff

A tax imposed by a government on goods brought into the country, aimed at making imported goods more expensive than domestic products.

Export Tariff

A tax imposed by a government on goods being exported from a country, often used to regulate trade balances.

Free Trade

The unrestricted buying and selling of goods and services between countries without the imposition of tariffs, quotas, or other restrictions.