Any improvement in knowledge that increases the quantity and range of output that an economy produces is referred to as _____ change.

Technical change that results in a change in the production process is known as disembodied technical change.Group of answer choicesTrueFalse

When technology increases the supply of a good and lower prices increase the quantity demanded, A. the economy is reallocating resources to achieve an efficient allocation. B. consumer surplus falls. C. the invisible hand is unnecessary. D. the marginal benefit of the good increases with the quantity produced. E. the economy is no longer efficient because the quantity changes.

An increase in income taxes ________ employment and ________ potential GDP.Group of answer choicesincreases; does not changedecreases; does not change.increases; decreases.increases; increases.

Use the figure below to answer the next question.An increase in an economy's labor productivity wouldMultiple Choicemove the economy away from point A and toward point B.move the economy away from point B and toward point A.shift the production possibilities frontier from AB to CD.shift the production possibilities frontier from CD to AB.

The process whereby an economy becomes more dependent on the processing of commodities.Often refers to a rapid increase in manufacturingGroup of answer choicesIndustrializationManufacturingFordismDeindustrialization