In the economy with efficient institutions,technological advancement
A) occurs predictably.
B) is the result of individuals responding to incentives.
C) tends to occur by accident.
D) is exogenous.
E) depends mainly on luck.

Question

Quizplus · Accepted Answer

In an economy with efficient institutions, technological advancement is a result of individuals responding to incentives. This is because efficient institutions provide an environment that incentivizes innovation and competition, which in turn drives technological advancement.

In the Economy with Efficient Institutions,technological Advancement