Simon S.Kuznets argues that the major stock of an economically advanced country is not its physical capital but ?
Correct answer: B. body of knowledge
- A. natural resources
- B. body of knowledge
- C. land
- D. quantity of labor
Explanation
Kuznets emphasized that advanced economies depend mainly on accumulated knowledge, skills and technology rather than merely on physical machinery or natural resources. This makes the body of knowledge the key productive stock.
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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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