A nation's automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by:
a) land and natural resources
b) human capital
c) technology
d) production possibility curve
Ans: c) technology
Economics
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Increases in human capital will promote economic growth.
a. true b. false
Economics
The difference between what consumers have to pay for a particular and what they are willing to pay is known as
A) consumer surplus. B) producer surplus. C) deadweight costs. D) deadweight surplus.
Economics