Which of the Following Represents a Dimension of Technological Progress

question 48

Multiple Choice

Which of the following represents a dimension of technological progress?

• A)larger quantities of output for given quantities of capital and labor
• B)better products
• C)a larger variety of products
• D)new products
• E) all of the above

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Definitions:

Invisible Hand Principle

A metaphor described by Adam Smith to illustrate how individuals pursuing their own self-interest can benefit society overall, as if guided by an unseen hand.

Allocation of Resources

The process of distributing available resources among various competing needs and uses to achieve desired objectives and outcomes.

Self-Interest

The action of working towards one's personal advantage, often considered a driving force behind economic decisions.

Equitable Distribution

A legal principle used in family law to fairly divide property and assets between partners during a divorce.