Technological Advancement Is Defined As

question 20

Multiple Choice

Technological advancement is defined as:

• A)the increase in the quantity of inputs needed to produce a given quantity of output.
• B)the reduction in the quantity of inputs needed to produce a given quantity of output.
• C)the reduction in the productivity of a sector of the economy that has become obsolete.
• D)an increase in the labor to capital ratio in any production process.
• E)the growth in the natural resource endowment.

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Definitions:

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.

Payment

The transfer of money or goods from one party to another in exchange for goods, services, or to fulfill a legal obligation.

Rent

Payment to resource owners for the use of their natural resources.

Resource Markets

Marketplaces where productive resources (like labor, capital, and raw materials) are bought and sold.