Technological Knowledge

question 57

Multiple Choice

Technological knowledge

• A)is the same thing as human capital.
• B)can be discovered but it can never be kept secret.
• C)is a determinant of productivity.
• D)does not play a role in the relationship that economists call the production function.

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Definitions:

Normative Economics

The branch of economics that applies value judgments to data to recommend actions or policies, focusing on what ought to be rather than what is.

Macroeconomics

The branch of economics that examines the economy as a whole, including issues like inflation, unemployment, and economic growth.

Aggregate Inflation

Aggregate inflation refers to the overall general increase in prices across the economy, reducing the purchasing power of money.

Unemployment

The failure to use all available economic resources to produce desired goods and services; the failure of the economy to fully employ its labor force.