The substitution of steel for wooden ploughs in agricultural production is an example of (a) labour-augmenting technological progress
The substitution of steel for wooden ploughs in agricultural production is an example of
(a) labour-augmenting technological progress
(b) capital-augmenting technological progress
(c) capital-reducing technological progress
(d) None of the above
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(b) Capital-augmenting technological progress results in the more productive use of existing capital goods; for example, the substitution of steel from wooden ploughs in agricultural production.
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