Technological Progress Shifts the Long-Run Aggregate Supply Curve to the Right

question 53

True/False

Technological progress shifts the long-run aggregate supply curve to the right.

Understand the role and impact of a résumé, cover letters, and online portfolios in job searches.

Understand the concept of cultural intelligence and its importance in diverse cultural environments.

Recognize the characteristics and attitudes of world-oriented managers in global business contexts.

Identify and differentiate between types of direct foreign investment and their implications for global business.

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Definitions:

David Ricardo

An influential British economist known for developing the comparative advantage theory, which explains how nations can gain from trade by specializing in producing goods for which they have a lower opportunity cost relative to other countries.

Tenant Farmers

Individuals who rent land to farm from a landlord.

Economic Rent

Extra income earned by a factor of production (like land or labor) due to its relatively fixed supply, exceeding what is economically necessary to bring it into use.

Landowners

Individuals or entities that hold legal title or ownership of land.