Answered: Economic growth accounting studies show…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 6E

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Economic growth accounting studies show that

Group of answer choices

Improvements in physical capital are more important than improvements in human capital

Technology is the most important component of economic growth

Capital deepening is the most important factor in economic growth.

Population growth is the most important source of growth

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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