How does technology affect production function?

How does technology affect production function? A change in technology alters the combination of inputs required in the production process. An improvement in technology usually means that fewer and/or less costly inputs are needed. If the cost of production is lower, the profits available at a given price will increase, and producers will produce more. […]

Why is Nero significant?

Why is Nero significant? Nero is regarded as either a mad or outright evil Emperor. He was undoubtedly cruel and committed many crimes. However, he was also an important figure in the history of Rome. Nero was the first Emperor to persecute Christians, and many other Emperors were to follow his example. What type of […]

What effect did camels have on trade?

What effect did camels have on trade? Traders moved their goods across the Sahara in large groups called caravans. Camels were the main mode of transportation and were used to carry goods and people. Sometimes slaves carried goods as well. Large caravans were important because they offered protection from bandits. Why were camels important in […]

Who was Roger Williams Anne Hutchinson?

Who was Roger Williams Anne Hutchinson? Roger Williams and Anne Hutchinson were two brave souls who reminded everyone at their own great peril of that most sacred right. Governor John Winthrop, on hearing that Anne Hutchinson and most of her children had been killed on Long Island, stated, “Proud Jezebel has at last been cast […]

Which of the following is studied under macroeconomics?

Which of the following is studied under macroeconomics? Macroeconomists study topics such as GDP, unemployment rates, national income, price indices, output, consumption, unemployment, inflation, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. What are the four major factors of macroeconomics? Inflation, gross domestic product […]

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