The Development of a Strain of Wheat That Will Yield

question 36

Multiple Choice

The development of a strain of wheat that will yield two crops per year rather than one crop per year is an example of economic growth resulting from

• A) capital accumulation.
• B) increased gross investment.
• C) technological progress.
• D) an increase in per capita real income.

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Definitions:

Short-run

A period in economics during which at least one factor of production is considered fixed and unchangeable, limiting the ability of the economy to adjust to changes in market conditions.

Output

The quantity of goods or services produced within a given timeframe by a firm, industry, or country.

Economy

The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.

Short-run Equilibrium

A state in which supply and demand are balanced, prices are stable, and there's no tendency for change in the short term.