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.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? [email protected]
About Macroeconomics
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.
Practise Macroeconomics
1,499 free Macroeconomics MCQs from Economics, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Discussion
Stuck on an option, or know a faster way to get there? Ask or explain it here.
No comments yet. Be the first to explain this one.
Exams that ask Economics questions like this
Economics is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Macroeconomics questions
The emigration of highly-skilled people from the developing countries is known as ?
The term Fourth World has been coined to describe ?
85% of the world's population lives in developing countries and receives about _____ of the world's income?
Which of the following is Not True about education in LDCs ?
Which of the following is NOT true about child mortality ?
Of the 57 million people dying worldwide in 2002, _____ were from stroke and heart disease and ________ from cancer disproportionately from DCs?