Without an Increase in the Supplies of Factors of Production

question 25

Multiple Choice

Without an increase in the supplies of factors of production, how can a nation achieve economic growth?

• A) by producing more high-value goods and less of low-value goods
• B) through technological advancement which enables more output with the same quantity of resources
• C) by lowering the prices of factors of production
• D) by increasing the prices of factors of production

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Definitions:

Corporations

Legal entities that are separate from their owners, with the ability to own property, enter into contracts, and be sued.

Joint Venture

A business arrangement where two or more parties agree to combine their resources for accomplishing a specific task, sharing profits, losses, and control.

Specified Purpose

A defined goal or objective that a project or venture aims to achieve.

Limited Partnership

A partnership structure where there is at least one general partner who manages the business and assumes unlimited liability, and one or more limited partners who provide capital and have liability only up to the amount of their investment.