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5) Which of the following describes an increase in technological knowledge? a) A farmer discovers that...

5) Which of the following describes an increase in technological knowledge? a) A farmer discovers that it is better to plant in the spring rather than in the summer b) A farmer buys another tractor c) A farmer hires another day labourer d) A farmer sends his child to agricultural college and the child returns to work on the farm.

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Answer #1

A technological knowledge increase will allow more to be produced at the same given costs and pricing structure. Such knowledge is an information or idea that improves the production process.

a) This is the correct choice. The farmer's knowledge that it is better to plant in spring than in summer will allow him to produce more crops with the same costing as before.

b) This will allow farmer to produce more, but this is not teachnological knowledge but it is an increase in capital. So incorrect option

c) This is incorrect. This option tells about increase in amount of labor.

d) This is incorrect. This option indicates an improvement in human capital for the farmer. This requires an investment is education over the years. This is hence an improvement in human resource due to an investment in human capital.

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