Which of the Following Statements About Technological Advance Is Not

question 156

Multiple Choice

Which of the following statements about technological advance is not true?

• A)It enhances both productive and allocative efficiency in the society.
• B)It can increase monopoly power through, for example, patents.
• C)It can eventually destroy old existing monopolies.
• D)It progresses automatically and inevitably.

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Definitions:

Accounts Payable

Accounts payable refers to the amounts owed by a company to its creditors for goods or services received that have not yet been paid for.

Nominal Accounts

Accounts that are closed at the end of each accounting period; includes revenue, expense, and withdrawal accounts.

Sales Journal

A specialized accounting journal used to record all sales transactions of a company on credit.

Accounts Receivable Subsidiary Ledger

A ledger detailing individually the amounts owed by each customer, supplementing the general ledger's summary account.