Question

Technological advance, which to date has played a relatively small role in U.S. economic growth, is destined to play a more important role in the future. Which of the following statements is NOT correct?

a) Many public capital goods are complementary to private capital goods.
b) Immigration has slowed economic growth in the United States.
c) Increased technological advance is predicted for the future.
d) Technological advance has played a small role in U.S. economic growth.

Answer 1

The incorrect statement about U.S. economic growth is that immigration has slowed economic growth. In reality, technological advancement is a major driver of economic growth, and the U.S. has witnessed significant growth due to improved technology and education.

Step-by-step explanation:

The statement that is NOT correct regarding U.S. economic growth and the role of technological advances is: b) Immigration has slowed economic growth in the United States. Contrary to this statement, technological advancement is typically seen as the most important contributor to U.S. economic growth. The economy has not only benefited from better-educated workers and more and improved physical capital but also significantly from increased technological advances. This growth is characterized by a staggering number of inventions and the issuance of a large number of patents annually, reaffirming the critical role of technology in economic development. Furthermore, many public capital goods are complementary to private capital goods, which facilitates further growth.