Describe the difference between technology and positive technological change

What will be an ideal response?

A firm's technology refers to the processes it uses to turn its land, labor, capital and entrepreneurial inputs into outputs of goods and services. When a firm experiences positive technological change it is able to produce more output using the same inputs or the same output using fewer inputs. Technological change can result from rearranging the layout of a store or manufacturing plant, the installation of faster or more durable equipment or other factors.

Economics

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As the Federal Reserve ________ bonds, interest rates fall and the price of bonds ________

A) sells; rises B) buys; rises C) sells; falls D) buys; falls

Economics

Exhibit 11-10 Labor and wage rate data Labor Wage   6 $12   7   13   8   14   9   15 10   16 In Exhibit 11-10, the total wage cost of hiring 7 employees is:

A. $15. B. $91. C. $13. D. $19. E. $112.

Economics