In the Absence of Trade,technical Progress

question 16

Multiple Choice

In the absence of trade,technical progress

• A) tends to increase the nation's welfare.
• B) increases the nation's welfare only if it is labor-saving.
• C) increases the nation's welfare only if it is capital-saving.
• D) tends to decrease the nation's welfare.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level in a specified period.

Quantity Supplied

The level of a commodity or service that manufacturers are eager and capable of providing for purchase at a determined price over an established period.

Rollerblades

Inline skates used for recreation or sport, featuring a single line of wheels attached to the bottom of a boot.

Demand For Tomatoes

The desire and ability of consumers to purchase tomatoes at various prices, influenced by factors such as income, taste, and price of substitutes.