Answered: In the framework of endogenous growth…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 3E

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In the framework of endogenous growth theory, which of the following mechanisms is primarily responsible for sustained economic growth without the necessity of external inputs?

a) The accumulation of physical capital through savings and investment.

b) Technological innovation and the knowledge spillover effect.

c) Increases in labor supply through population growth.

d) Exploitation of natural resources and raw materials.

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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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