The Introduction of a New Cost Effective Production Technique Is

question 49

Multiple Choice

The introduction of a new cost effective production technique is likely to:

• A)shift the demand curve leftward.
• B)make the demand curve flatter.
• C)shift the supply curve leftward.
• D)make the supply curve steeper.
• E)shift the supply curve rightward.

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Definitions:

Intellectual Quotient

Commonly known as IQ, measures an individual's cognitive abilities in relation to their age group.

Raven Progressive Matrices Test

A nonverbal group intelligence test used to measure abstract reasoning and regarded as a good estimate of fluid intelligence.

Cultural Background

The cultural context and influences, such as traditions, values, and norms, that shape an individual's or group's identity and behavior.

Wechsler Intelligence Scale for Children

The Wechsler Intelligence Scale for Children is a widely used test designed to measure the intelligence and cognitive abilities of children between the ages of 6 and 16.