Which of the following is true of technological innovations?
A) Technological innovations help increase a country's gross domestic product.
B) Technological innovations decrease the amount of output achievable from a given quantity of labor and capital.
C) Technological innovations slow down product obsolescence and lengthen the product development cycles.
D) Technological innovations increase production costs and reduce product differentiation.

Question

Quizplus · Accepted Answer

Technological innovations can lead to increased efficiency, productivity, and competitiveness, which in turn can boost a country's GDP.

Answer: B
 This statement is not true. Technological innovations typically enhance productivity and output, allowing firms to achieve greater results with the same resources.

Answer: C
 Technological innovations can accelerate product obsolescence and shorten product development cycles, as firms must stay competitive by rapidly innovating and bringing new products to market.

Answer: D
 Technological innovations can reduce production costs and increase product differentiation, allowing firms to offer more customized and innovative products at lower costs.

Which of the Following Is True of Technological Innovations