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Question

A nation can achieve higher economic growth if:

   

it devotes more resources to research and development.
   

the productivity of labor declines
   

taxes are imposed on investment in capital.
   

more resources are allocated to consumption goods.

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Timothy

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Step 1/2

Economic growth is the increase in the production of goods and services in an economy over some time. Research and development (R&D) is a key driver of economic growth because it leads to new inventions, innovations, and technologies that can improve productivity and efficiency.

Explanation:

The other options are incorrect because they would have the opposite effect on economic growth.

Step 2/2

If the productivity of labor declines, it means that workers are producing less per hour, which would slow down economic growth.

Taxes on investment in capital would discourage businesses from investing in new equipment and technology, which would also slow down economic growth.

Explanation:

Allocating more resources to consumption goods would mean that there are fewer resources available for investment in R&D, which would again slow down economic growth.

Final Answer

The best way for a nation to achieve higher economic growth is to devote more resources to research and development.

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