Which of the Following Statements Correctly Describes the Distinction Between

question 250

Multiple Choice

Which of the following statements correctly describes the distinction between technology and technological change?

• A) Technology refers to the processes used by a firm to transform inputs into outputs 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.

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