Without technological advancement, how can a nation achieve economic growth?
A)by producing more high-value goods and fewer low-value goods
B)by increasing the quantities of at least one factor of production
C)by producing more low-value goods and fewer high-value goods
D)by decreasing the size of the labour force

Question

Quizplus · Accepted Answer

In the absence of technological advancement, a nation can achieve economic growth by increasing the quantities of at least one factor of production. This can be achieved by investing in physical capital, such as buildings and machinery, or by increasing the labor force, either through population growth or increased participation in the workforce. This increase in productivity can lead to higher output and, if the value of goods produced exceeds the cost of inputs, economic growth. Choices A, C, and D are not viable options for achieving economic growth without technological advancement.

Without Technological Advancement, How Can a Nation Achieve Economic Growth