Which of the following explain differences in total factor productivity?

Question

Quizplus · Accepted Answer

Total factor productivity refers to the efficiency with which a set of inputs are used to produce output. Institutions, human capital, natural resources, and technology are all factors that can influence total factor productivity. Institutions can affect the ease of doing business and property rights protection, which can have a direct impact on productivity. Human capital refers to the skills, knowledge, and experience of a workforce, which can affect productivity in various ways. Natural resources can provide a foundation for economic development, while technology can enable new and more efficient ways of production. Therefore, all of these factors can explain differences in total factor productivity.

Which of the Following Explain Differences in Total Factor Productivity