Which of the Following Is Not Considered a Determinant of Economic

question 119

Multiple Choice

Which of the following is not considered a determinant of economic growth?

• A) Capital
• B) Technological advances
• C) Land
• D) Changing expectations
• E) Labor

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Definitions:

Time Inconsistency

The tendency of individuals to change their plans about future actions due to a preference for immediate gratification over future benefit, often leading to inconsistency over time.

Precommitment

A strategy or decision made in advance to lock oneself into a set of actions or behaviors, often to avoid temptation or to ensure future goals are met.

Precommitment Device

A strategy or mechanism used by individuals or firms to constrain their future actions in order to achieve a desired outcome.

Behavioral Economists

Specialists who study economic decisions by integrating insights from psychology, judgment, and economics to understand how individuals and institutions make choices.