Technological change allows the economy to produce more output with the same amount of capital and labor.

Name: Technological change allows the economy to produce more output with the same amount of capital and labor.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Technological advancements and innovations lead to the development of new machinery and equipment, which enhances the efficiency of production and enables the production of more output with the same amount of capital and labor. Therefore, the statement is true.

Technological Change Allows the Economy to Produce More Output with the Same