Improvements in Technology

question 248

Multiple Choice

Improvements in technology

• A) explain most of the economic growth in recent decades.
• B) caused the last recession.
• C) are relatively unimportant for today's standard of living.
• D) have slowed in the past 100 years.

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Definitions:

Producer Surplus

The gap between the amount producers are prepared to accept for a product or service and the actual payment they get.

Maximum Sum

The largest possible aggregate or total achieved from combining specific elements or numbers.

Output

The amount of goods or services produced by a firm, industry, or economy within a given period, an indicator of productivity.

Diagram

A simplified drawing showing the appearance, structure, or workings of something, often used in education and technical fields.