Underlying Any Economic Environment Is Technology Which Affects

question 61

Multiple Choice

Underlying any economic environment is technology which affects:

• A) how the economy's resources are converted to output.
• B) how quickly technological developments lead to new consumer protection laws.
• C) how competitors react to each other.
• D) how aggressive competitors are in planning new marketing strategies.
• E) how fast consumer attitudes change.

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Definitions:

Feeling Superior

The sensation or belief that one is better, more knowledgeable, or more important than others.

Basaltic Lava

A type of lava that is low in silica and has a fluid consistency, erupting from volcanoes at high temperatures.

Shield Volcano

A type of volcano that has broad, gently curved slopes constructed mostly of relatively fluid basaltic lava flows.

Scoria Cone

A relatively small type of volcano that is cone shaped and mostly composed of scoria; synonymous with cinder cone.