According to the Real Business Cycle Theory,technological Change

question 261

Multiple Choice

According to the real business cycle theory,technological change

• A) occurs at a constant rate.
• B) happens only occasionally.
• C) happens at an uneven pace.
• D) is increasing in recent years at an increasing rate.

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Definitions:

Worldwide Output

Worldwide output refers to the total production of goods and services by all countries around the globe.

Migration

The movement of people from one place to another with the intention of settling, permanently or temporarily, in a new location.

Domestic Output

The total value of goods and services produced within a country's borders in a given time period.

Wage Rates

The amount of money paid to an employee per unit of time (e.g., hour, day) or for a specific quantity of work done.