Use the information provided in Table 7.4 below to answer the question(s) that follow.
Table 7.4Inputs Required to Produce a Product Using Alternative TechnologiesTechnologyUnits of CapitalNumber of EmployeesA 836B 1224C 1616D 24 12Refer to Table 7.4. If the hourly price of capital is $40 and the hourly wage rate is $10, which production technology should be selected?
A. A
B. B
C. C
D. D
Answer: A
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While calculating a nation's output per hour worked, the farming sector is excluded. This is because their output is not sold in the market and their productivity is hard to measure
a. True b. False Indicate whether the statement is true or false
Leaders in underdeveloped countries can enhance development by
A. increasing population growth. B. reducing capital per worker. C. implementing improved technology. D. creating new natural resources.
People consume more fresh fruit in the summer than during the rest of the year, yet the prices of fresh fruit are lower in the summer than in other seasons. What accounts for this?
A. Fresh fruit is an inferior good. B. The supply of fresh fruit increases in the summer. C. Fresh fruit is not subject to the law of demand. D. Fresh fruit is not subject to the law of supply.
The ratchet effect would suggest that:
Refer to the graph above.