Technological advancement implies:
a. the increase in the quantity of inputs needed to produce a given quantity of output.
b. the reduction in the quantity of inputs needed to produce a given quantity of output.
c. the reduction in the productivity of a sector of the economy that has become obsolete.
d. an increase in the labor to capital ratio in any production process.
e. the growth in the natural resource endowment.
b
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What's the Easterlin Paradox -- and in what sense does it suggest reference-dependent preferences?
What will be an ideal response?
At a perfectly competitive firm’s profit-maximizing level of output, its total revenue is $200 and its short-run variable cost is $225. The firm
A. has a loss of $25. B. should shut down. C. should increase output to reduce losses. D. should raise the price of its product.
Organizational structure can be a strategic asset if it
A) adds value. B) adds value and can be duplicated. C) adds value and cannot be duplicated. D) can be franchised.
The study of factors that contribute to the economic development of a country is
A. the new technology theory. B. population growth economics. C. development economics. D. classical growth theory.