Development refers to an increase in:
A)productive capacity with no change in output.
B)output with no change in productive capacity.
C)output brought about by an increase in inputs.
D)output brought about by a change in the production function.

Question

Quizplus · Accepted Answer

Development in economic terms often refers to improvements in the way resources are used and managed, leading to an increase in output. This can happen through technological advancements, better education, and improved health of the workforce, among other factors, which are all part of changes in the production function.

Development Refers to an Increase In