High growth in the rich countries from 1950 to 2009 was most likely due to
A)a high savings rate.
B)high capital accumulation.
C)technological progress.
D)high consumption rates.
E)monetary policy.

Question

Quizplus · Accepted Answer

Technological progress played a significant role in the high growth in rich countries from 1950 to 2009. This is because improvements in technology allowed for increased productivity, efficiency, and innovation, leading to overall economic growth. While factors such as high savings rates, capital accumulation, and consumption rates may also have contributed, technological progress was likely the most important factor. Monetary policy may have had some impact, but it is less significant compared to the other factors mentioned.

High Growth in the Rich Countries from 1950 to 2009