Technology is:
A) knowledge that can be applied to the production of goods and services.
B) generally unlimited in modern economies.
C) a graphical illustration of the alternative combinations of goods and services an economy can produce.
D) the resources the economy has available to produce goods and services.
Ans: A) knowledge that can be applied to the production of goods and services.
You might also like to view...
The more elastic the demand curve, the ____ will be the effect of a tax on the quantity exchanged and the ____ will be the welfare cost. a. greater; greater
b. greater; smaller. c. smaller; greater. d. smaller; smaller.
A recent study showed that an increase in the price of gasoline promoted carpooling among office commuters. If gasoline is an important component in the fixed basket of goods used to calculate the Consumer Price Index, it will fail to reflect true changes in the cost of living of an average consumer because of the: a. quality bias
b. substitution bias. c. new good bias. d. quantity bias.