Question

Leftover growth in output that doesn't come from an increase in capital or
labor is called
O A) economic development.
O B) technological progress.
O C marginal product.
O D) marginal utility.

Answer 1

The answer is c, marginal product.

Answer 2

Answer:

B) technological progress.

Explanation:

Production in an economy depends on the association between two productive factors, capital and labor. The best combination of these factors will lead to the largest number of outputs produced. For example, a firm may choose between 10 men and 2 machines or between 4 machines and 4 men. The best choice will be the one that produces the most quantity using the least number of productive resources. If a company does not change the composition of the factors of production but increases its production, this can only occur through innovation and technological development, as this increases the productivity of the factors of production. For example, investing in courses can make employees more productive. Investing in productive technology can increase the production capacity of machines. Thus, more products can be produced with the same capital due to technological advancement.