JAMB Economics 1983 Question 35

Question 35

Economic Growth and Development

If an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to

  1. A.land and related factors
  2. B.abundance of natural resources
  3. C.level of human capital
  4. D.technical progress or other factors
  5. E.the discipline of political leadership.
Show the answer and explanation

Answer: D (technical progress or other factors)

Explanation

Growth not explained by more labour and capital is put down to technical progress and other factors (better methods, organisation, skills).