Without Technological Advancement,how Can a Nation Achieve Economic Growth

question 234

Multiple Choice

Without technological advancement,how can a nation achieve economic growth?

• A)by producing more high-value goods and fewer low-value goods
• B)through an increase in supplies of factors of production
• C)by producing more low-value goods and fewer high-value goods
• D)by decreasing the size of the labor force

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Definitions:

Recession

A noticeable drop in economic activity affecting the entire economy, enduring for longer than several months, and commonly observed in metrics such as real GDP, real income, employment, industrial output, and wholesale-retail transactions.

Aggregate Demand

Whole demand for goods and services across an economic landscape, appraised at a given overall price point throughout a defined timeframe.

Household Saving

The portion of a household's disposable income that is not spent on current consumption but is set aside for future use.

Consumption

The use of goods and services by households, constituting one of the primary components of GDP and an important indicator of economic health.