_____ Is a New Technological Design or Process That Becomes

question 115

Multiple Choice

_____ is a new technological design or process that becomes the accepted market standard.

• A) A dominant design
• B) A design iteration
• C) Technological substitution
• D) Technological lockout

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Definitions:

Real Wages

Wages or salaries adjusted for inflation, reflecting the true purchasing power of income.

Potential Output

The economy’s maximum sustainable output, given the supply of resources, technology, and rules of the game; the output level when there are no surprises about the price level.

Natural Rate

The natural rate refers to the long-term unemployment rate that an economy experiences under normal conditions, unaffected by short-term cyclical fluctuations.

Full-Employment

A scenario where an economy utilizes all accessible labor resources in the most optimized manner.