The production techniques available to real-world firms are constantly changing because of learning by doing and technological change.
Answer the following statement true (T) or false (F)
True
Technological change produces new production methods, and learning by doing allows firms to refine existing production techniques.
You might also like to view...
If you believe that all workers should be paid the same, you believe in the
A) egalitarian principle. B) productivity standard. C) benefits standard. D) comparative worth principle.
In a duopoly situation, the logic of self-interest results in a total output level that
a. equals the output level that would prevail in a competitive market. b. equals the output level that would prevail in a monopoly. c. exceeds the monopoly level of output, but falls short of the competitive level of output. d. falls short of the monopoly level of output.
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited. B. examples of negative externalities. C. public goods. D. food and other necessities.
A country's nominal exchange rate, e, is defined as the number of units of:
A. the foreign currency that one unit of the domestic currency will buy. B. foreign goods relative to the number of units of domestic goods. C. the domestic currency that one unit of the foreign currency will buy. D. domestic goods relative to the number of units of foreign goods.