True or False:
1. Economic growth is a complex process involving many important factors, no one of which completely dominates.
2. If the quantity of physical capital in a country increases at the same time that the quantity or quality of labor resources used falls, that country would experience economic growth as a result.
3. Technological advances, even without any change in the quantity or quality of the labor resources used, tend to lead to economic growth.
4. An increase in labor input does not necessarily increase output per capita.
5. A limited resource base is no obstacle to economic growth.
6. Both the initial development process and the sustained growth of an economy are dependent on a large natural resource base.
7. Technological advances involve both invention and innovation.
8. Because new technology must be introduced into productive use by someone who weighs estimates of the benefits of the new technology against estimates of the costs, that person—the entrepreneur—is an important economic factor in the growth process.