Technological advances primarily help a country increase its rate of economic growth ______.
a. through implementation of the Malthusian prediction
b. through savings in labor, resources, or capital
c. by eliminating the need for human labor
d. by being sold to developing foreign countries
b. through savings in labor, resources, or capital
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The average product of labor is equal to the
A) total product divided by the total number of workers hired. B) total number of workers hired divided by the total product. C) slope of the marginal product of labor curve. D) Both answers B and C are correct.
Refer to Figure 16-1. Suppose the economy is in short-run equilibrium below potential GDP and no fiscal or monetary policy is pursued. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) A to E. B) A to B. C) B to A. D) B to C. E) C to B.