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Other things being equal, which one of the following would increase the rate of economic growth,...

Other things being equal, which one of the following would increase the rate of economic growth, as measured by changes in real GDP? A. A decline in the amount of capital per worker B. A decline in the average length of the work week C. An increase in the size of the working-age population D. A decrease in the labor force participation rate

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Answer #1

Option C.

  • Other things being equal, an increase in the size of the working age population would increase the rate of economic growth.
  • We know that an economic growth refers to an overall Increase in the productivity level of a nation when the number of goods and services it produces or the real GDP Increases.
  • When more of the working age population joins the labour force, the firms are able to employ more workers to increase the production levels of their firms.
  • This overall Increase in the productivity of each firm, contributes to an increase in the rate of economic growth when other things are held constant.
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