High School

Which are the two biggest contributors to economic growth?

A. Technology and Quantity of Capital per worker
B. Quantity of Capital per worker and Education level
C. Government spending and Population growth
D. None of the above

Answer :

Final answer:

Technology and Quantity of Capital per worker are considered the primary drivers of economic growth, hence correct answer is a) Technology and Quantity of Capital per worker.

Explanation:

Technology and the Quantity of Capital per worker are the two biggest contributors to economic growth. This is because new inventions, methods of production, better forms of management, and other types of institutions form the basis for a market-oriented environment which propels growth in GDP per capita.

Technology is often seen as the single most important factor since it encompasses so much of the change and efficiency that can drastically boost economic performance. Moreover, capital deepening, which involves increasing the human or physical capital per worker, is another significant aspect. This includes higher education, skills, and an increase in physical machines and tools available to workers.