Economics · Macroeconomics
In the context of economic growth, 'Total Factor Productivity (TFP) growth' refers to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The portion of output growth not explained by growth in measured inputs of capital and labour, attributed to technological progress and efficiency improvements✓
- 2Growth in the total number of factors of production available in the economy
- 3Productivity measured by dividing total output by total employment in the economy
- 4Growth in capital productivity alone, holding labour constant
Correct answer
The portion of output growth not explained by growth in measured inputs of capital and labour, attributed to technological progress and efficiency improvements
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