Which of the following is true of an improvement in technology?
a. An improvement in technology shifts the per-worker production upward
b. An improvement in technology shifts the per-worker production downward.
c. An improvement in technology increases the concavity of the production possibilities frontier.
d. An improvement in technology decreases the concavity of the production possibilities frontier.
e. An improvement in technology increases the quantity of input in the production process.
a
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Refer to the table below. When the firm produces 3 units of output, it makes an economic:
Use the table below to answer the question for a purely competitive firm.
A. Profit of $3
B. Loss of $3
C. Profit of $9
D. Loss of $9
If the society chooses point B instead of point C,
Hypothetical Production Schedule for a Two-Product Economy
A. economic growth is more likely.
B. economic growth is less likely.
C. the chances of achieving economic growth will not be affected.
D. unemployment will result.