Technological Change Has Always Been the Critical Factor in Raising

question 66

Multiple Choice

Technological change has always been the critical factor in raising living standards,even going as far back as the development of the __________.

• A) steam engine
• B) iPod
• C) bicycle
• D) fluorescent light

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Definitions:

Institutionalized

Institutionalized refers to the process by which certain practices or norms become established and accepted in society or within an organization as formal structures.

NAFTA

The North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States that was designed to remove tariff barriers between the three countries.

Free Trade

The unregulated exchange of goods and services across borders without tariffs or other barriers.

Political Union

A type of state or entities agreement which involves a shared government and often a merged economy and policy-making.