Which of the following most accurately states the importance of technology as a source of economic growth for less-developed countries?
a. Restraints imposed by the slow advancements in modern technology have severely constrained the growth of less-developed countries.
b. If modern technology was the only requirement for economic growth, less-developed countries would be growing rapidly.
c. Most less-developed nations have the necessary complementary factors of production to make good use of modern technology if they could just afford the complex machines.
d. While modern technology has increased the income levels in less developed countries, it has been unable to improve living standards.
B
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The demand for labor schedule is the same as ________
A) real wage line B) supply of labor schedule C) the minimum wage rate in that economy D) the marginal product of labor schedule
The primary emphasis in U.S. national income accounts is on
a. gross national product. b. gross domestic product. c. net national product. d. personal disposable income.
Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. Which of the following is true? a. Adam has an absolute advantage in oranges and a comparative advantage in apples. b. Karl has an absolute advantage in oranges and a comparative advantage in oranges. c. Karl has an absolute advantage in both apples
and oranges. d. Karl has an absolute advantage and a comparative advantage in apples.
Clark is willing to pay $100 for a new softball glove. If the market price for the glove is $150, _____
a. he will purchase the glove as his marginal utility is maximized b. he will not purchase the glove as his marginal utility is negative c. he will purchase the glove as it will increase his total utility d. he will not purchase the glove because the market price is greater than the price he is willing to pay