Technology Is

question 86

Multiple Choice

Technology is

• A) society's pool of knowledge of how to produce goods and services.
• B) a resource like land or physical capital.
• C) computers and lasers.
• D) not obtainable by engaging in activities that increase human capital.

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Definitions:

Tariff

A tax imposed on imported goods, usually to protect domestic industries or to generate revenue.

Economic Efficiency

A condition in which resources are allocated in such a way that maximizes the net benefit to society, ensuring that goods and services are produced and distributed in the most cost-effective manner.

Import Quotas

Limits set by a government on the quantity of a certain good that can be imported into a country, used to protect domestic industries.

Tariffs

A tax imposed by a government on goods and services imported from other countries, affecting the price and availability of those items.