Technological Change Can Reduce the Inflationary Effects of Total Spending

question 51

True/False

Technological change can reduce the inflationary effects of total spending rising over time.

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Definitions:

Innovation

The process of creating new ideas, products, or methods, which bring improvements or solve problems in novel ways.

Invention

A new concept or product that derives from ideas or from scientific research.

New Concept

A novel idea, approach, or method that has not been previously known or utilized.

Performance-Improving Innovation

Innovations that enhance the efficiency, productivity, or effectiveness of an organization or process.