Embodied Technical Change Is One Reason Why

question 196

Multiple Choice

Embodied technical change is one reason why

• A) human capital is more valued in an economy than physical capital.
• B) the quality of capital had decreased.
• C) labor productivity has increased over time.
• D) increases in population decrease labor productivity.

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Definitions:

Unilateral Approach

An action or policy decision made and implemented by a single governing body, organization, or individual without cooperation or agreement from others.

Free Trade

A financial strategy that permits the trade of goods across borders with few governmental limitations or duties.

Protection-As-A-Bargaining-Chip

A strategic use of trade barriers or policies by a country to gain concessions or favorable terms from other countries.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.