An Improvement in Technology Would

question 136

Multiple Choice

An improvement in technology would

• A)enable the economy to produce outside its original production possibilities frontier
• B)enable the economy to move along its original production possibilities frontier
• C)eliminate scarcity; therefore, the production possibilities frontier would no longer exist
• D)have no effect on the production possibilities frontier
• E)change the production possibilities frontier to a line with a positive slope

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Definitions:

Limited Liability Partnership

A limited liability partnership (LLP) is a legal entity where partners have limited liabilities, protecting their personal assets from business debts and obligations.

Partnership Agreement

A formal arrangement between two or more parties to manage and operate a business and share its profits.

Secretary of the State

A high-ranking official typically responsible for keeping public records, administering elections, and managing the affairs of the state government.

S Corporation

A special form of corporation in the United States that allows for the income, losses, deductions, and credits to be passed directly to shareholders to avoid double taxation.