The Difference Between Technology and Technological Change Is That

question 136

Multiple Choice

The difference between technology and technological change is that

• A)technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
• B)technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production.
• C)technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.
• D)technology involves the use of capital equipment while technological change requires the use of brain power.

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Definitions:

Remaining Book Value

The net value of an asset or liability recorded in the financial statements, excluding depreciation or amortization.

Straight-Line Method

A method of calculating depreciation or amortization by evenly distributing the cost of an asset over its useful life.

Salvage Value

Salvage value is the estimated resale value of an asset at the end of its useful life, used in determining depreciation amounts.

Retroactive Effect

The Retroactive Effect refers to changes that are applied to past periods or actions, such as changes in accounting policies that affect previous financial statements.