QuestionAugust 16, 2025

One basic way to boost the nation's growth rate is to increase wages paid to labor. increase the rate of technical progress. reduce the population growth rate. accumulate less capital

One basic way to boost the nation's growth rate is to increase wages paid to labor. increase the rate of technical progress. reduce the population growth rate. accumulate less capital
One basic way to boost the nation's growth rate is to
increase wages paid to labor.
increase the rate of technical progress.
reduce the population growth rate.
accumulate less capital

Solution
4.7(340 votes)

Answer

Increase the rate of technical progress. Explanation 1. Identify Growth Factors Economic growth is driven by factors like labor productivity, technological progress, and capital accumulation. 2. Analyze Options Increasing wages alone doesn't directly boost growth; it redistributes income. Reducing population growth can affect labor supply negatively. Accumulating less capital reduces investment potential. 3. Determine Effective Strategy Increasing the rate of technical progress enhances productivity and efficiency, leading to sustainable economic growth.

Explanation

1. Identify Growth Factors<br /> Economic growth is driven by factors like labor productivity, technological progress, and capital accumulation.<br /><br />2. Analyze Options<br /> Increasing wages alone doesn't directly boost growth; it redistributes income. Reducing population growth can affect labor supply negatively. Accumulating less capital reduces investment potential.<br /><br />3. Determine Effective Strategy<br /> Increasing the rate of technical progress enhances productivity and efficiency, leading to sustainable economic growth.
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