Question
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
Answer:
B
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Explanation:
Capital-augmenting technological progress refers to the adoption of new technologies or techniques that increase the productivity of capital inputs, such as machinery, equipment, or tools. In this case, replacing the wooden ploughs with steel ploughs is a technological advancement that enhances the efficiency and productivity of the capital input (the plough) used in agriculture. Steel ploughs are more durable, efficient, and require less maintenance compared to wooden ploughs, leading to improved agricultural productivity.