Economic growth depends upon which of the following?
i.Increasing the quantity of labor
ii.Lowering the prices of goods and services
iii.Advancing technology

Question

Quizplus · Accepted Answer

Economic growth depends upon increasing the quantity of labor and advancing technology. Lowering prices of goods and services may not necessarily lead to economic growth, as it can also result from reduced demand or decreased production costs due to unfavorable economic conditions. On the other hand, increasing labor productivity through technological progress leads to higher incomes and output, creating more jobs and boosting economic growth.

Economic Growth Depends Upon Which of the Following