Which of the following statements correctly describes the distinction between technology and technological change?
A) Technology refers to the processes used by a firm to transform inputs into output of goods and services while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
B) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs and technological change is the process by which the firm achieves this productivity gain.
C) Technology is product-centered; its refers to developing new products with limited resources while technological change is process-centered in that it focuses on developing new production techniques.
D) Technology involves research and development while technological change involves the use of more efficient machinery.
Answer: A
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An increase in which of the following leads to a decline in the monetary base?
A) float B) discount loans C) foreign deposits at the Fed D) SDRs
The legislative immigration restrictions following World War I (1914–18) contributed to which of the following in the 1920s?
(a) An acceleration in the growth in the U.S. population (b) A decline in the rate of household formation in the U.S. (c) Rapid rise in U.S. prices (d) High unemployment in the U.S.
The optimal amount of pollution is not zero because
A) it has been found that pollution in moderate amounts actually has positive benefits. B) there are no benefits to anyone from having zero pollution. C) zero pollution would be too costly. D) we don't have the political structure that could accomplish the goal.
Figure 5-19
In Figure 5-19, the consumer experiences at point C
a.
greater total utility than at point D.
b.
greater total utility than at point E.
c.
less total utility than at point D.
d.
total utility equal to that experienced at point D.