Economics · Economic Growth Models

Which of the following statements regarding technical progress in economic growth theories is NOT correct?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Technical progress is ignored as a factor determining the growth rate in modern theoretical models.✓
2Technical progress can be categorized as labor-saving or capital-saving.
3Technical progress may increase output per worker at each level of the capital-labor ratio.
4Qualitative improvement in existing output may be due to technical progress.

Correct answer

Technical progress is ignored as a factor determining the growth rate in modern theoretical models.

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