Economic growth may depend upon _____ and _____?
Correct answer: C. Population growth technical progress
- A. Population size, x-efficiency
- B. Population age distribution, education
- C. Population growth technical progress
- D. Population growth education
Explanation
Long-run growth depends on increases in the labour force through population growth and on technical progress that raises productivity. Population size alone does not show whether output per person is improving.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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