Economic Growth and Productivity Factors Quiz

Factors such as land, labor, and capital contribute to production.

Economic growth leads to a higher standard of living for individuals.

Labor productivity measures the output produced per unit of labor input.

Natural disasters can damage infrastructure and disrupt economic activity.

Supply-side policies aim to boost production and investment by reducing taxes and regulations.

Government regulation can hinder rather than promote economic growth.

Productivity is measured by the ratio of output to input.

Human capital refers to the skills and knowledge of individuals.

Physical capital includes machinery, equipment, and infrastructure.

It shows the trade-offs between different goods that can be produced with limited resources.

It represents the portion of output growth not explained by the accumulation of inputs.

GDP is the sum of consumption, investment, government spending, and net exports.

Sustained economic growth leads to a continuous rise in GDP per capita over time.

GNI measures the total income earned by a country's residents and businesses.

Technological progress enhances productivity and drives economic growth by enabling innovation and efficiency gains.