Which of the following statements is true?

Question 7 (1 point)

Which of the following statements is true?

a	Two (of the four) determinants of growth are increases in the quantity and quality of resources, and technological progress. They will increase the potential size of an economy’s GDP.
b	Technology is the way we combine resources to produce goods and services.
c	Technology is the practical application of scientific knowledge to production.
d	All of the above.
e	Only a) and b)

Question 8 (1 point)

Which of the following statements is true?

a	In general, technology is embodied in capital.
b	The other two determinants of economic growth are the demand factor and efficiency.
c	To achieve the higher production potential created by the supply factors, households, firms, and the government must reduce their purchases of goods and services.
d	All of the above.
e	Only a) and b)

Question 9 (1 point)

Which of the following statements is true?

a	Economic efficiency and full employment contribute to faster economic growth.
b	The economy must use its resources in the least costly way to provide the specific mix of goods and services that maximizes people’s well-being.
c	The least important determinant of economic growth is increases in productivity.
d	All of the above.
e	Only a) and b)