Question

Technological progress is defined as A) an improvement of the economic growth that leads to a change in the standard of living. B) the increase in output that the economy produces that is equivalent to economic growth. C) a total improvement in the efficiency of all factory machines and equipment within the economy. Eliminate D) an improvement in the efficiency with which an economy uses its resources and factors of production to produce increased output.

Answer 1

Technological progress is defined as D) an improvement in the efficiency with which an economy uses its resources and factors of production to produce increased output.