Suppose an Economy Experiences an Increase in Technological Progress

question 44

Multiple Choice

Suppose an economy experiences an increase in technological progress. This increase in technological progress will:

• A) lead to changes in the types of goods produced.
• B) allow the same amount of output to be produced with fewer workers.
• C) allow more output to be produced with the same number of workers.
• D) All of the above.
• E) None of the above.

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, which are a set of accounting standards used for financial reporting.

Norwalk Agreement

An agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to make their existing financial reporting standards fully compatible as soon as practicable and to coordinate their future work programs to ensure compatibility.

SEC

The Securities and Exchange Commission (SEC) is a U.S. government agency responsible for regulating the securities markets and protecting investors by ensuring transparency, fair dealing, and enforcement of securities laws.

IFRS Usage

The adoption and application of the International Financial Reporting Standards, a set of accounting principles for preparing financial statements globally.