The Two Most Important Factors Contributing to Increased Productivity in Industrialized

question 102

Multiple Choice

The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:

• A)higher relative prices and a larger labor supply.
• B)higher relative prices and technological progress.
• C)technological progress and increases in the capital stock.
• D)technological progress and increases in the labor supply.

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Definitions:

Bottom Quintile

The lowest 20 percent segment of a population, often used in the context of income or wealth distribution.

Top Group

The highest performing or most privileged segment within a defined category or population, often based on metrics such as income, achievement, or status.

Market Economy

An economic system where supply and demand from consumers drive the production of goods and services.

Income Distribution

How a nation’s total GDP is spread amongst its population, impacting the economic welfare of its citizens.