Which of the following statements correctly describes the distinction between technology and technological change?
A) Technology involves research and development while technological change involves the use of more efficient machinery.
B) Technology is product-centered; its refers to developing new products with limited resources while technological change is process-centered in that it focuses on developing new production techniques.
C) Technology refers to the processes used by a firm to transform inputs into output of goods and services while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.
D) Technology refers to the ability of a firm to increase its maximum output from a given quantity of inputs and technological change is the process by which the firm achieves this productivity gain.
Question 2
Consumers maximize total utility within their budget constraint by
A) spending the same dollar amount for each good.
B) buying the cheapest goods they can find.
C) buying whatever they like the best.
D) buying the goods with the largest marginal utility per dollar spent.
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