Which of the following describes an increase in technological knowledge ?
Correct answer: D. A farmer discovers that it is better to plant in the spring rather than in the fall
- A. A farmer sends his child to agricultural college and the child returns to work on the farm
- B. A farmer hires another day laborer
- C. A farmer buys another tractor
- D. A farmer discovers that it is better to plant in the spring rather than in the fall
Explanation
Technological knowledge means learning a better method of production, not merely adding labour or capital. Discovering that spring planting produces better results is an improvement in production technique.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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