The rate of technological progress is an important determinant of ________.
A) long-run variations in economic growth
B) long-run increases in interest rates
C) short-run variations in economic growth
D) short-run variations in employment rates

Question

Quizplus · Accepted Answer

The rate of technological progress is a major driver of long-run variations in economic growth. Technological progress allows for increases in productivity and efficiency, leading to an increase in potential output and higher long-run economic growth rates.

The Rate of Technological Progress Is an Important Determinant of ________