Growth is limited for developed countries like the U.S.because _____.

Question

Quizplus · Accepted Answer

Developed countries like the U.S. have already utilized most of their available resources, and their labor force is highly skilled and educated. Therefore, for further growth, they need to introduce new knowledge and technology, which is often costly and time-consuming. Additionally, protecting industries by import substitution policy and having a larger contribution of the agriculture sector in national output are not factors that limit growth. The unionized labor force and not believing in free markets can have their own constraints, but they are not the main reasons for limited growth in developed countries like the U.S.

Growth Is Limited for Developed Countries Like the U