During the Industrial Revolution, Technological Changes, Capital Investment, and the Number

question 83

Multiple Choice

During the industrial revolution, technological changes, capital investment, and the number of workers employed all increased. What must be true about capital and labor?

• A) They are substitute inputs in production.
• B) They are complementary inputs in production.
• C) They are substitute outputs in production.
• D) They are complementary outputs in production.

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Definitions:

Poverty

The state of having insufficient financial resources to meet basic living needs such as food, shelter, and healthcare.

Cost-Of-Living Adjustment

An increase in income or benefits designed to offset inflation and maintain the purchasing power of individuals, often applied to wages, salaries, and social security benefits.

Rate Of Inflation

The percentage increase in the general price level of goods and services in an economy over a period, indicating the rate at which purchasing power is eroding.

Financing

The process of providing funds for business activities, making purchases, or investing, through mechanisms like loans, credit, or investment.