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Home Questions & Answers General Knowledge Economics Question Answers  The substitution of steel for wooden ploughs in agricultural production is an example of

     The substitution of steel for wooden ploughs in agricultural production is an example of

  • labour-augmenting progress technological
  • capital-augmenting progress technological
  • capital-reducing progress technological
  • None of the above
  • Explanation:

    Capital augmenting technological progress results in more productive use of existing capital goods – for example – substitution of steel for wooden ploughs in agricultural production.