All of society's applied knowledge on how to produce goods and services is
A) held by university professors.
B) called technology.
C) opportunity cost.
D) efficiency.

Question

Quizplus · Accepted Answer

The term used to describe society's applied knowledge on how to produce goods and services is technology. Therefore, the correct answer is B.

A is incorrect because not all university professors hold all of society's applied knowledge on how to produce goods and services.

C is incorrect because opportunity cost is the value of the next best alternative that must be given up in order to make a particular choice.

D is incorrect because efficiency refers to the ability to produce goods and services with minimum wasted effort or resources.

All of Society's Applied Knowledge on How to Produce Goods