Technological Improvements Are More Likely to Occur If

question 12

Multiple Choice

Technological improvements are more likely to occur if

• A)the economy is centrally planned.
• B)entrepreneurs are compensated with higher profits for taking risks.
• C)economic decisions are made by politicians rather than entrepreneurs.
• D)companies face little competition in their markets.

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Definitions:

Economic Growth Rates

The rate at which a nation's Gross Domestic product (GDP) grows or declines.

Economic Growth Rates

Measures the rate of growth in a country's economy over a specific period, often expressed as a percentage increase in real GDP.

Future Innovations

Anticipated advancements and new technologies that are expected to occur in the future.

Productivity

The measure of the efficiency of production, often quantified as the ratio of outputs to inputs in the production process.