According to the World Bank, the ‘East Asian Miracle’ happened due to __________ .
Total factor productivity growth increases output through more effective use of productive inputs. Better technology and resource allocation allow capital and labour to…
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According to the World Bank, the ‘East Asian Miracle’ happened due to __________ .
Answer and explanation
Correct answer B
Total factor productivity growth increases output through more effective use of productive inputs. Better technology and resource allocation allow capital and labour to generate more output; rising dependency or capital-output ratios and extensive import substitution do not express that productivity improvement.
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Maharashtra and Goa SET (MH SET)