In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs

There is a technological advance in the production of ice cream. As a result, the supply curve of ice cream shifts ________ and ________

A) leftward; both the equilibrium price and equilibrium quantity fall B) rightward; both the equilibrium price and equilibrium quantity fall C) rightward; the equilibrium price falls while the equilibrium quantity increases D) rightward; both the equilibrium price and equilibrium quantity rise

The percentage of income that Americans save each year ________

A) is much higher than the percentage the Chinese citizens save B) is higher than the saving rate of most industrialized countries C) is lower than the saving rate of most industrialized countries D) increased by a factor of five every year since the 1970s E) none of the above