Asystem (whether that is a id system, a system of government, or a regime of action) will functionmore successfully if
People havevarying abilities and also those with reduced opportunity expenses of developing a great produce it before peoplewith higher opportunity expenses produce it.

You are watching: An advance in technology commonly refers to the ability to produce


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Referto exhibit 1. The opportunity price of enhancing TV manufacturing from 30 come 40 thousand systems per yearis the lose of ______ fax makers per year.
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Whichof the complying with (1) best defines an development in modern technology and (2) many accurately defines theeffect that an development in technology?
An advance in technology commonly refers to the capability toproduce much more output with much more resources; an advancement in technology shifts the production possibilitiesfrontier (PPF) outward.
An advance in an innovation commonly describes the capability toproduce much more output through a fixed amount of sources or the capacity to develop the exact same output witha smaller amount of resources; an advance in technology shifts the PPFinward.
An development in modern technology commonly refers to the capability toproduce an ext output with a fixed quantity of resources or the capacity to produce the same output witha smaller amount of resources; an development in modern technology shifts the PPFoutward.
An advancement in technology commonly refers to the capacity toproduce an ext output v a smaller amount of sources or the ability to produce the exact same outputwith a bigger quantity that resources; an breakthrough in an innovation shifts the PPFoutward.
Referto exhibit 3. Considering the data, which of the complying with terms of profession would both countriesagree to (i.e., find mutually beneficial)?
an rise in earnings (assuming demand is because that a regular good), adecline in wage rates, and also a rise in the per-unit tax put on the production of agood
an rise inthe number of buyers, a decrease in the price the a substitute, and boost in the price ofrelevant resources
an boost in the price the a substitute, a diminish in theprice the a complement, and an increase in expected (future) price
a decline in thenumber of buyers, boost in the price the a complement, and a decline in a per-unit tax inserted onthe production of a good
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Referto exhibit 5. Suppose equilibrium is at point B. Something climate changes and equilibrium becomes pointC. I beg your pardon of the following is consistent with the change in equilibrium from allude B toC?
Aneconomist says, "Technological advancements have the power to reduced the prices of plenty of of the goodswe buy." here is how this works:
Technological developments lead to higher taxes, which command tofewer subsidies, which lead to higher supply, which leader to reduced prices.

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Technologicaladvances result in lower taxes, which lead to better supply, which leader to lowerprices.