Question

10. Which of the following occurrences is the key explanation for the high economic growth in the United States in the past century? technology improvements an increase in population increasing the capital-to-labor ratio investment in human capital

Answer 1

Answer:

As explained below.

Explanation:

• One of the most advancements that are seen in developed countries like America is the presence of technology in the rich nations of the world as these countries like the US have a high mass consumption economy and have an industrial past.

• Being the world's largest economy in terms of resources and terms of wealth as the world's eighth highest nominal GDP country and 10 highest PPP as of 2018.

• Fueled by the natural reserves of gold well-developed infrastructure, and higher human productivity index. Control Over the population and improvement s innovation has to lead to the rise of the nation's economy thus the increase to capital to labor ratio has increased and investment in the human capital is doubled due to this.