According to the text, a nation's standard of living is determined by a. gross domestic product. According to the text, human capital, natural resources, physical capital, and technological knowledge are a. determinants of productivity. All of the above would be considered human capital 6.
Technological knowledge refers to a. society's understanding about how the world works.
All of the above are technological knowledge. The relationship between the quantity of inputs used in production and the quantity of output produced from those inputs is called a. a productivity equation. The catch-up effect is the idea that a. it is easier for a country to grow fast if it starts out relatively poor. In the long-run, a higher savings rate leads to a. a higher level and growth of productivity and a lower level and growth of income. The financial system a. are those institutions in the economy that help to match one person's saving with another person's investment.