Question

Which of the following statements about the role of knowledge in an economy is INCORRECT?

1. In a knowledge economy, knowledge is the most vital resource.
2. Knowledge plays a key competitive advantage across all sectors, from agriculture to biotechnology.
3. The success of a knowledge economy depends on a strong innovation system involving firms, research centers, and universities.
4. The importance of knowledge diminishes as technology advances.

• A. 3 only
• B. 1, 3
• C. 4 only
• D. 3, 4

Answer 1

Answer:

C. 4 only

• In a knowledge economy, the role and importance of knowledge are paramount and tend to increase, rather than diminish, with technological advancements.

• Knowledge is recognized as the most crucial resource, providing a significant competitive edge across all sectors.

• The success of this economic model is intrinsically linked to a robust innovation ecosystem, comprising collaborations between businesses, research institutions, universities, and other knowledge-sharing entities.

• These collaborations are essential for staying abreast of global knowledge, assimilating it, and adapting it to local needs, thereby driving continuous progress.