Technological Improvements Will

question 224

Multiple Choice

Technological improvements will:

• A)leave the production possibility frontier unchanged.
• B)shift the production possibility frontier inward.
• C)shift the production possibility frontier outward.
• D)necessarily lead to increased unemployment.

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Definitions:

Fee

A payment made to a professional person or to a professional or public body in exchange for advice or services.

Standard

An established measure or model that is used for comparison in evaluating the quality, performance, or compliance of various entities.

Externality

Action by either a producer or a consumer which affects other producers or consumers, but is not accounted for in the market price.

Weed Control

The process or methods used to prevent or reduce unwanted plant (weed) growth that competes with desired plants in agricultural or horticultural operations.