Economics · Growth and Development
'Embodied technical progress' refers to technological advancements that:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Reduce total factor productivity
- 2Only enhance the skill level of the labour force without requiring new machinery
- 3Are incorporated into new and improved capital equipment✓
- 4Are completely independent of investment in capital goods
Correct answer
Are incorporated into new and improved capital equipment
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