Technological Advances Make It Possible to

question 78

Multiple Choice

Technological advances make it possible to

• A) produce goods without using any resources.
• B) obtain the same output by using more resources.
• C) obtain the same output by using fewer resources.
• D) lower labor productivity.

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Definitions:

Productivity Growth

An increase in the efficiency of production, often measured as the amount of output per unit of input over a specific period.

Low Rate

An environment characterized by minimal interest, tax, or pricing levels.

Savings

The portion of income not spent on consumption, often put aside for future expenses, investment, or emergencies.

Industrial Revolution

The period of major industrialization that took place during the late 1700s and early 1800s which transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system.