If the Level of Technology Rises, Real GDP Per Hour

question 441

Multiple Choice

If the level of technology rises, real GDP per hour of labor

• A) decreases because the level of capital per hour of labor decreases.
• B) decreases for a given level of capital per hour of labor.
• C) increases for any level of capital per hour of labor.
• D) increases because the amount of capital per hour of labor increases.

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Definitions:

Customer Needs

The requirements and desires of consumers that they seek to fulfill when purchasing goods or services.

New Products

Items introduced to the market for the first time, offering innovation or improvements compared to existing offerings.

Product Improvements

Modifications made to existing products to enhance their performance, appeal, or to expand their market reach.

Product Modifications

Adjustments or improvements made to a product’s design, features, or performance to meet customer needs or capture market share.