Question

Which of the following occurrences is the key explanation for the high economic growth in the United States in the past century?

	a.	investment in human capital
	b.	increasing the capital-to-labor ratio
	c.	technology improvements
	d.	an increase in population

Answer 1

The answer is C.

Technology has been developed and evolved unceasingly since the start of history of mankind. In the past century( 2000s), technology has transformed into a structure which contas large amounts of information. In the last century, technological advances increased with a great speed as compared to the previous times. In industries technology involves application of science especially for industrial or commercial purposes and the use of scientific methods and materials to achieve a commercial or industrial purpose and bringing innovation in the production machines, production methods and products in order to increase the production volume or efficiency. All of these resulting in a competition advantages which increases profit. Therefore technological improvements has played a key role in the economic growth in the past century