Economics · Technical Progress
The main feature of embodied technical progress is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Technical progress depends solely on the skill level of the existing labour force.
- 2Technical progress is reflected entirely in the growth of total factor productivity without any capital investment.
- 3Technical progress is incorporated in new capital equipment, so technological improvement requires new capital investment.✓
- 4Technical progress raises the productivity of all existing capital equipment uniformly without new investment.
Correct answer
Technical progress is incorporated in new capital equipment, so technological improvement requires new capital investment.
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