The Statement That Correctly Describes the Distinction Between Technology and Technological

question 15

Multiple Choice

The statement that correctly describes the distinction between technology and technological change is:

• A) Technology refers to the processes used by a firm to transform inputs into output of goods and services, while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
• B) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs, and technological change is the process by which the firm achieves this productivity gain.
• C) Technology is product-centred in that it refers to developing new products with limited resources, while technological change is process-centred in that it focuses on developing new production techniques.
• D) Technology involves research and development, while technological change involves the use of more efficient machinery.

---

Definitions:

Productive Exchanges

Transactions that result in mutual benefit to the parties involved, typically enhancing overall economic productivity.

Economic Growth

Refers to the increase in a country's production of goods and services over time, typically measured as the percentage increase in real gross domestic product (GDP).

Size Of Government

Size Of Government involves the extent of government involvement in a country's economy, including expenditure, taxation, and resource allocation.

Economic Theory

A set of principles and methodologies that explain how economies function, encompassing concepts such as supply and demand, market equilibrium, and economic policy.