What is technology and what factors does it depend on?
What will be an ideal response?
Technology is the processes a firm uses to produce goods and services.
In the economic sense, a firm's technology depends on many factors, such as
the skill of its managers, the training of its workers, and the speed and efficiency of
its machinery and equipment.
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Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If the last worker hired produces four units of output per hour, then to maximize profits the firm should
A) hire another worker. B) not change the number of workers it currently hires. C) lay off some workers. D) There is not enough information to answer the question.
Which transportation industry did government invest most heavily in before 1860?
(a) Turnpikes (b) Canals (c) River steamboats (d) Railroads
If a firm shuts down in the short run and produces no output, its total cost will be
a. zero b. equal to total variable cost c. equal to total fixed cost d. equal to explicit costs only e. impossible to calculate
When an economy is in a recession,
a. strong demand for investment funds will push interest rates upward. b. strong demand for resources will push the prices of resources upward. c. the real interest rate will tend to rise. d. the unemployment rate will rise above its natural rate.