What term describes the achievement of long-term growth and technological improvement?
A)Creative destruction
B)Static efficiency
C)Dynamic efficiency
D)Efficient allocation
E)Resource efficiency

Question

Quizplus · Accepted Answer

Dynamic efficiency refers to the ability of an economy or a firm to achieve long-term growth and technological improvement. This is an important aspect of economic development as it allows for the creation of new products and processes, leading to higher productivity and ultimately higher living standards.

What Term Describes the Achievement of Long-Term Growth and Technological