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)

 

In: Economics

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