Economic growth depends upon which of the following?
i) Increasing the quantity of labour
Ii) Lowering the prices of goods and services
Iii) Advancing technology

Question

Economic growth depends upon which of the following? 
i) Increasing the quantity of labour
Ii) Lowering the prices of goods and services
Iii) Advancing technology

Quizplus · Accepted Answer

Economic growth depends upon increasing the quantity of labor and advancing technology. Lowering the prices of goods and services may lead to an increase in consumption, but it is not the only factor that contributes to economic growth. Advancing technology helps to increase productivity and efficiency, while increasing the quantity of labor increases the level of production. Both of these factors are essential for long-term economic growth.

Economic Growth Depends Upon Which of the Following