Use the Following to Answer Questions

question 89

Multiple Choice

Use the following to answer questions :
Scenario: Productivity
The economy has grown by 4% per year over the past 30 years. During the same period the labor force has grown by 1% per year and the quantity of physical capital has grown by 5% per year. Each 1% increase in physical capital per worker is estimated to increase productivity by 0.4%. Assume that human capital has not changed during the past 30 years.
-(Scenario: Productivity) Look at the scenario Productivity. How much has technological progress contributed to productivity growth?

• A)1.4%
• B)1.6%
• C)2%
• D)3%

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Definitions:

Objective Truth

Truth independent of our personal opinions and demonstrably true to anyone (who is in the proper position to observe, who has the right testing equipment, and so on).

Justified True Belief

A traditional model in epistemology that defines knowledge as a belief that is both true and justified by sufficient evidence or reasoning.

Knowledge

Knowledge or proficiency gained from direct experience or instruction; insight into a subject via its study or application in a practical or theoretical manner.

Corresponds to Facts

The alignment or agreement of a statement, theory, or belief with the actual state of affairs or reality.