Answer in step by step with explanation.Don't use Ai and chatgpt. Technological advance is generated by the discoveryof new(Blank) which allows resources to becombined in improved ways that increase output.

In economics, technological advance refers to the improvement in the methods, processes, or tools…

Answered: Technological advance is generated by…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 11QP

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Reasons why resource rich countries tend to grow slower as compared to resource poor counter paths
One of the following phenomena has been inaccurately described. Which one is it? a. Offshore outsourcing is both an example of an contributes to the globalization of business. b.A deep-seated cultural preference for having boy babies no longer affects the cultural landscape of South Asia. c. The negative consequences of the Green Revolution are somewhat mitigated by agroecology. d.The Grameen Bank has offered microcredit loans to many poor people, enabling them to work themselves out of poverty.
On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. True False
Invention, innovation, and diffusion occur in response to incentives within the economy, meaning that technological advance is to capitalism.
"Accoring to Ricardo's analysis, a country exports any good whose production requires fewer labor hours per unit than the labor hours per unit needed to produce the good in the foreign country. That is, the country exports any good in which its labor producivity is higher than the labor productivity for this good in the foreign country." Do you agree or disagree? why?
Define and describe the production possibilities frontier model.
How can the outsourcing of jobs cause production possibilities to expand
Which is not a benefit from specialization and trade? Multiple Choice World output is increased. The range of goods and suppliers is increased. There is more competition. All of these are benefits from specialization and trade.
true or false Technological developments are a fundamental driver of opportunity.
How could a country shift its production possibilities curve to the right through improved technology?
Increasing opportunity costs result in a production possibilities frontier that is concave; C: linear; D: horizontal) to the origin. (A: convex; B:
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Technological advance is generated by the discovery of new(Blank) which allows resources to be combined in improved ways that increase output.