Which of the following statements correctly describes the distinction between technology and technological change?
A) Technology refers to the processes used by a firm to transform inputs into output of goods and services while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
B) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs and technological change is the process by which the firm achieves this productivity gain.
C) Technology is product-centered; its refers to developing new products with limited resources while technological change is process-centered in that it focuses on developing new production techniques.
D) Technology involves research and development while technological change involves the use of more efficient machinery.
Answer: A
You might also like to view...
From 1945 to 1995, the debt—GDP ratio in the United States
A) steadily fell. B) steadily increased. C) fell from 1945 until around 1970 and rose thereafter. D) fell from 1945 until around 1980 and rose thereafter.
If the federal government runs a budget deficit, but the budget deficit as a percent of GDP is less than the growth rate of real output, the
a. national debt will decrease as a share of GDP. b. national debt will remain a constant share of GDP. c. national debt will increase as a share of GDP. d. size of the national debt (in dollar value) will decline.