Technological Advance Increases Productive Efficiency by Giving Society a More

question 157

True/False

Technological advance increases productive efficiency by giving society a more preferred mix of goods.

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Definitions:

Taxation Principle

The guidelines governing how taxes should be levied on individuals and businesses in a fair and efficient manner.

Tax Revenue

The income that is gained by governments through taxation from individuals and businesses.

Economic Income

The total value of all income generated by the assets of an individual or organization, including both realized and unrealized gains.

Net Worth

The total value of an individual's or organization's assets minus their liabilities.