Technological Change

question 341

Multiple Choice

Technological change

• A) generates economic growth.
• B) shifts the PPF leftward.
• C) creates inefficiency.
• D) Both answers A and C are correct.

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Definitions:

Health Care

The maintenance or improvement of health via the prevention, diagnosis, treatment, recovery, or cure of disease, illness, injury, and other physical or mental impairments in people.

Labor-intensive Business

A business that requires a high level of manual labor input compared to capital investment, typically characterized by a significant proportion of operational costs being attributed to human labor.

Capital-intensive Business

A type of business that requires significant investment in capital assets like machinery and equipment, often associated with manufacturing industries.

Service-intensive Business

A type of enterprise that primarily offers services rather than goods, requiring a high level of customer interaction and support.